Micro-Insurance: A Boon for Poor People

Abstract

In this dynamic scenario every person faces various kinds of uncertainties, whether a person belongs to a middle class family or from a poor background. But it becomes difficult for the poor people or the rural people to come up with such uncertain situations. The best emerging solution for this problem is micro-insurance. Micro-insurance provides insurance facility to low income class of the society at a very small rate of premiums. This paper would be dealing with the basic concept of micro-insurance, various distribution models of micro-insurance, products which are available under micro-insurance and the micro-insurance regulation in India. The paper will also try to find out the different kind of needs and the actual position of certain number of people of this society in economic terms.