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8/2/2019 Microinsurance Suryamani
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Problem and Prospects ofMicroinsurance in Varanasi
Presented by
Suryamani Acharya
MBA-finance(4th sem)
Under guidance of
Prof. Rajkumar
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Microinsurance
A low premium and low cap insurance producttailor made to provide comprehensive cover tothe people at the bottom of the pyramid.
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Poor people borrow some of the time but save all ofthe time
People who have few (if any) assets verylimited chances to earn money
credit
savings
EntrepreneurialPoor
Self EmployedPoor
Laboring Poor
Very Poor
The Poverty Pyramid
People who are slightly below the poverty line.
insurance
Poor people who are meeting their basic needs byrunning microbusinesses
Farm laborers, domestics and unemployedworkers
RemittanceRemittance
Financial Inclusion encompassesSavings, Insurance
and Remittances, not just Credit
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Definition by IRDA-2005
Type Sum
assured(Rs000)
Term(year) Age (year)
Term Life 5-50 5-15 18-60
Endowment 5-30 5-15 18-60
Health(individual) 5-30 1-7 Insurer discretion
Health(Family) 10-30 1-7 Insurer discretion
Accident rider 10-50 5-15 18-60
Livestock/assets 5-30 1 NA
Accident(non-life) 10-30 1 5-70
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History of Insurance in India
The history of life insurance in India dates from 1818when this instrument was conceived means to providerisk cover to the families of Englishmen then serving in
India.
The Bombay Mutual Life Insurance Society(1870).
Triton Insurance Company Limited, the first generalinsurance company established by the British inCalcutta in 1850
The Indian Life Assurance Companies Act was enactedin 1912 as the first statute to regulate the lifeinsurance business
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History and current status of microinsurance
regulation
oThe first set of regulations published in 2002 entitled the
Obligations of Insurers to Rural Social Sectors.(quota sytem)
oIRDA 2005(Micro insurance regulation in India)
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Some facts about Microinsurance
Source: annual report of IRDA
14 insurance companies providing 28 micro insurance productThese various scheme has covered 198.26 lakh individuals.
By the end of 2010 there were 8676 microinsurance agent in
India
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Area covered by Microinsurance in India
Life Insurance.
Health InsuranceAccident insurance.Livestock insurance.
Micro enterprise insuranceWeather insurance.
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Objective of the study
To study the problem of microinsurance inVaranasi.
To study the future prospects ofmicroinsurance in Varanasi.
To study the general awareness regardingmicro insurance
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Research Design
Exploratory Research
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Scope of the study
It is intended to conduct the study amonglow income group people working inmanufacturing sector, running ownbusiness, Rickshaw puller, Boat rider,farmers etc. The area for the interview willbe conducted in nearby location of Varanasi
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Sample Design
Population: All the Low income people inIndia.
Sampling Unit: Individual workers (Rickshaw
puller, Boat rider, farmers and laborers inMSMEs) and households earning less than5000 per month.
Sample size: 100
Sampling technique: Non ProbabilityConvenience sampling
Tools: Structured Questionnaire, PersonalInterview
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