Volume : VIII, Issue : IX, September - 2019

GROWTH AND TRENDS OF MICRO INSURANCE POLICIES IN INDIA

Sumi Susan Philip, Dr. Biju T George

Abstract :

Micro insurance is indispensable in Indian scenario today. Micro insurance scheme was introduced by the Government of India for the poor people and it is one of the insurance policies with low premium and low coverage. The age limit of a person who can avail this policy is 18 to 60 years. Micro insurance can help low income people to manage risk in their lives and to provide economic development. This paper analyses the growth and development of LIC and private micro insurance companies in India. LIC and private micro insurance companies operates a micro life insurance business in India which aims to cover risk in the life of the insured person and to promote savings. Main objectives of this paper are to analyze the growth of new business and agents of micro insurance, to analyze the trends of premium collection and to identify and analyze the trends of claim settlement of micro life insurance in India. Analysis is done by using secondary data collected from the IRDA annual reports and journals. The result of this studies is LIC has a positive growth in new business, group category of premium collection and group death claim settlement. Private insurer has positive growth in number of micro insurance agents and individual death claims settlement.

Article: Download PDF    DOI : https://www.doi.org/10.36106/paripex  

Cite This Article:

GROWTH AND TRENDS OF MICRO INSURANCE POLICIES IN INDIA, SUMI SUSAN PHILIP, DR. BIJU T GEORGE PARIPEX‾INDIAN JOURNAL OF RESEARCH : Volume-8 | Issue-9 | September-2019

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