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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