This document provides an overview of the micro insurance industry in India. It discusses the region-wise distribution of life insurance offices according to data from the IRDA annual report from 2010-2011. The largest percentages of offices were in semi-urban and other areas. It also presents two tables, one showing the market share and regional breakdown of various life insurance companies, and another listing individual microinsurance products launched by different companies and their launch dates. The objective of the paper is to examine an overview of the micro insurance industries in India through analysis of secondary data sources such as IRDA reports.
Indian insurance sector has seen significant growth post liberalization. There are now 52 insurance companies of which 45 are private. The sector is estimated to need $8 billion in capital to improve solvency and increase penetration. Life insurance premium grew 11.84% in 2015-16 while non-life premium grew 12%. Growing incomes and changing demographics present opportunities for growth. ICICI Prudential Life is the largest private life insurer in India with a 24.2% market share in the private sector.
Penetration Of Life Insurance and General Insurance In IndiaSudipta Das
The document summarizes the evolution of the life insurance and general insurance industries in India. It discusses how the industries were previously dominated by state-owned entities but have since opened up to private and foreign competition following deregulation in the late 1990s and early 2000s. This has led to rapid growth in the industries, with the market share of private insurers increasing each year. The document also examines trends in various insurance sub-sectors like health and motor insurance, and discusses some of the opportunities and challenges for further developing the insurance industry in India.
The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach $280 billion by 2020, with life and non-life insurance growing rapidly.
- Private sector players have increased their market share in both life and non-life insurance segments over the past decade.
- Growth is expected to be driven by segments like crop, health and motor insurance. Enrolment in government schemes is also increasing insurance penetration.
- Total life insurance premiums reached $64.8 billion in FY17, while non-life premiums were $23.38 billion in FY18. Both segments have seen strong growth over the past years
The document discusses foreign direct investment (FDI) and government regulation in India's insurance sector. It provides background on the history of insurance regulation in India, including nationalization in the 20th century and liberalization in the 1990s. Private insurance companies were allowed in 1999 with a maximum 26% foreign holding. The Insurance Regulatory and Development Authority was established to oversee the sector. While public sector companies still dominate, opportunities exist for growth. Suggestions are made to further liberalize regulations to help the insurance sector reach its potential.
This document discusses the impact of the global financial crisis on the Indian insurance industry. It provides background on the history and development of insurance in India. It then describes the current state of the Indian insurance market, which includes both public and private sector players. Finally, it discusses the global financial crisis that began in 2007-2008 and its effects on financial institutions worldwide. In 3 sentences:
The document provides context on the history and development of the Indian insurance industry. It then outlines the present scenario of the industry, which includes both public and private players competing in the large and growing Indian market. Finally, it introduces the global financial crisis that began in 2007 and may have impacted the Indian insurance sector.
Dynamics of-agency-recruitment-insurnace-sector1Nagpur home
The document is an industrial training project report submitted by a student for their MBA program. It provides an overview of the insurance sector in India, including a brief history highlighting key milestones such as the nationalization of insurance companies in 1956 and their privatization in 1999-2000. It discusses the underdeveloped state of the insurance market in India prior to privatization and the reasons for private insurance companies entering the Indian market, such as low penetration rates and the inability of LIC to cover more than 10-15% of the population.
Person who helps the agent in his work.
Beneficiary: Person who receives the insurance money in case of claim.
Broker: Person who acts as an intermediary between the insurer and insured for negotiating insurance contracts and
placing insurance on behalf of insured with one or more insurers.
Claim: Demand made by the insured for indemnity of loss under an insurance contract.
Coinsurance: Sharing of a loss between the insured and the insurer in a specified proportion.
Contribution: Sharing of a loss between co-insurers in a specified proportion.
Deductible: Portion of each loss which insured agrees to bear before insurer becomes liable to pay.
Endorse
The insurance industry in India has grown rapidly in recent years. Life insurance premiums grew at a CAGR of 20.1% from 2003-2012, while non-life premiums increased at 18%. Private sector participation also increased substantially over this period. Key growth areas for the insurance industry include health, motor, and crop insurance. The government has introduced several policies to support the development of the insurance industry in India.
Indian insurance sector has seen significant growth post liberalization. There are now 52 insurance companies of which 45 are private. The sector is estimated to need $8 billion in capital to improve solvency and increase penetration. Life insurance premium grew 11.84% in 2015-16 while non-life premium grew 12%. Growing incomes and changing demographics present opportunities for growth. ICICI Prudential Life is the largest private life insurer in India with a 24.2% market share in the private sector.
Penetration Of Life Insurance and General Insurance In IndiaSudipta Das
The document summarizes the evolution of the life insurance and general insurance industries in India. It discusses how the industries were previously dominated by state-owned entities but have since opened up to private and foreign competition following deregulation in the late 1990s and early 2000s. This has led to rapid growth in the industries, with the market share of private insurers increasing each year. The document also examines trends in various insurance sub-sectors like health and motor insurance, and discusses some of the opportunities and challenges for further developing the insurance industry in India.
The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach $280 billion by 2020, with life and non-life insurance growing rapidly.
- Private sector players have increased their market share in both life and non-life insurance segments over the past decade.
- Growth is expected to be driven by segments like crop, health and motor insurance. Enrolment in government schemes is also increasing insurance penetration.
- Total life insurance premiums reached $64.8 billion in FY17, while non-life premiums were $23.38 billion in FY18. Both segments have seen strong growth over the past years
The document discusses foreign direct investment (FDI) and government regulation in India's insurance sector. It provides background on the history of insurance regulation in India, including nationalization in the 20th century and liberalization in the 1990s. Private insurance companies were allowed in 1999 with a maximum 26% foreign holding. The Insurance Regulatory and Development Authority was established to oversee the sector. While public sector companies still dominate, opportunities exist for growth. Suggestions are made to further liberalize regulations to help the insurance sector reach its potential.
This document discusses the impact of the global financial crisis on the Indian insurance industry. It provides background on the history and development of insurance in India. It then describes the current state of the Indian insurance market, which includes both public and private sector players. Finally, it discusses the global financial crisis that began in 2007-2008 and its effects on financial institutions worldwide. In 3 sentences:
The document provides context on the history and development of the Indian insurance industry. It then outlines the present scenario of the industry, which includes both public and private players competing in the large and growing Indian market. Finally, it introduces the global financial crisis that began in 2007 and may have impacted the Indian insurance sector.
Dynamics of-agency-recruitment-insurnace-sector1Nagpur home
The document is an industrial training project report submitted by a student for their MBA program. It provides an overview of the insurance sector in India, including a brief history highlighting key milestones such as the nationalization of insurance companies in 1956 and their privatization in 1999-2000. It discusses the underdeveloped state of the insurance market in India prior to privatization and the reasons for private insurance companies entering the Indian market, such as low penetration rates and the inability of LIC to cover more than 10-15% of the population.
Person who helps the agent in his work.
Beneficiary: Person who receives the insurance money in case of claim.
Broker: Person who acts as an intermediary between the insurer and insured for negotiating insurance contracts and
placing insurance on behalf of insured with one or more insurers.
Claim: Demand made by the insured for indemnity of loss under an insurance contract.
Coinsurance: Sharing of a loss between the insured and the insurer in a specified proportion.
Contribution: Sharing of a loss between co-insurers in a specified proportion.
Deductible: Portion of each loss which insured agrees to bear before insurer becomes liable to pay.
Endorse
The insurance industry in India has grown rapidly in recent years. Life insurance premiums grew at a CAGR of 20.1% from 2003-2012, while non-life premiums increased at 18%. Private sector participation also increased substantially over this period. Key growth areas for the insurance industry include health, motor, and crop insurance. The government has introduced several policies to support the development of the insurance industry in India.
The document provides an overview of the insurance industry in India. Some key points:
- The insurance industry in India is expected to reach $280 billion by 2020, with life insurance growing 12-15% annually for the next 3-5 years.
- Gross premiums written reached Rs. 5.53 trillion (US$94.48 billion) in FY18, with life insurance accounting for Rs. 4.58 trillion and non-life at Rs. 1.51 trillion.
- Private sector participation is increasing, with private players having a 50.7% market share in non-life insurance and 33.51% in new business in life insurance.
The document provides an overview of Life Insurance Corporation of India (LIC), the largest insurance company in India. It discusses LIC's history, objectives, products, subsidiaries, mission, vision, logo/recognitions and various life insurance products offered. Key points include that LIC was established in 1956 and is 100% government owned, has objectives around spreading insurance widely and maximizing savings, and offers various insurance products like term plans, endowment plans, whole life plans, and microinsurance.
Jeevan Mangal Micro Insurance In India- A Perforamce Approach in South ZoneRaja Ram
LIC’s New Jeevan Mangal is a protection plan with return of premium on maturity, where you may pay the premiums either in lump sum or regularly over the term of the policy. This plan has an in built accident benefit which provides for double risk cover in case of accidental death.
The document is an industrial training project report submitted by a student for their MBA program. It includes sections on the declaration, preface, acknowledgements, and an index of topics to be covered in the report such as the company and sector profiles, tasks undertaken during training, analysis, SWOT analysis, and conclusions. The report was prepared during a training internship at Bharti AXA Life Insurance to fulfill the practical training requirements of the MBA program.
Micro Insurance Portfolio of public and private sector insurance companiesRaja Ram
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
For full text artical go to: http://www.educorporatebridge.com/insurance/insurance-sector-in-india/Insurance sector in India is considered as a huge market due to its momentous untapped potential. This sector is said to improve the standard of living of the people in an economy as it leads to risk free lives, promotes entrepreneurship, mobilizes savings and leads to protection of trade and industry which contributes in human progress.
This document summarizes the performance of the Life Insurance Corporation of India (LIC) from 1999-2000 to 2008-2009. It discusses that LIC saw fluctuating growth in policies issued, premiums collected, and number of agents. While some years saw high growth rates, others saw declines. Overall, the compound growth rate for policies was 9.25% and premiums was 13.64%, showing good performance. It also discusses how LIC competes in the private insurance market in India and the changes to the insurance sector since privatization.
The document provides an overview of the insurance industry in India. Some key points:
- India's insurance market has been growing rapidly, with the life insurance premium market expanding at a CAGR of 15.3% from 2004-2014, and the non-life insurance premium market rising at a CAGR of 16.3% over the same period.
- The share of private sector players has increased significantly over time, with their share of life insurance premiums growing from 4.7% in 2004 to 24.6% in 2014.
- Emerging segments like health, crop, and motor insurance are expected to drive future growth in the industry. The crop insurance market is now the largest in the world
This document summarizes a research paper on competition in the life insurance sector in India. It provides background on the history and evolution of life insurance in India, including the nationalization of the industry in 1956 and the recommendations of the Malhotra Committee in 1994 to privatize the sector. It lists the current public and private life insurers operating in India, noting that LIC maintains over 70% market share. The paper examines issues around competition and dominance in the life insurance market.
The document provides an overview of the insurance industry in India. Some key points:
1) The overall insurance industry in India is expected to reach US$ 280 billion by 2020, with life and non-life insurance growing at brisk paces in recent years.
2) Private sector companies have increased their market share in both life and non-life insurance segments over time, though LIC remains the dominant player in life insurance.
3) Motor, health and crop insurance are seen as key drivers of future growth in the non-life insurance space, while pension and health segments also offer opportunities in life insurance.
Vijay Popat completed a summer internship at Max New York Life Insurance. The insurance industry in India has grown significantly since its nationalization in 1956. Major milestones include the establishment of the Insurance Regulatory and Development Authority in 2000, which allowed private entities to enter the insurance market. A survey of 100 individuals aged 25-45 showed their preferences for different insurance providers and the key reasons for those preferences. The internship provided Vijay with exposure to Max New York Life's management, board, SWOT analysis, market share, and recruitment process. It concluded that the experience gave Vijay valuable insights into the insurance industry and corporate world.
A study on the growth of indian insurance sectoriaemedu
The document summarizes the growth and development of the Indian insurance sector. It discusses key milestones like the nationalization of life insurance in 1956 and general insurance in 1972. It then covers the liberalization period starting in 1999 with the establishment of IRDA, which allowed private players to enter the market. Today there are 29 insurance companies with private players controlling around 26% of life and non-life markets. While competition has increased, the four public sector insurers still dominate with over 70% combined market share. The document also provides tables outlining the major players in life and general insurance.
Changing marketing trend of reliance life insurance (1)vaibhav003
The document provides information on the insurance industry in India and Reliance Life Insurance Company. It discusses the importance of insurance for the economy, the history and development of the insurance industry including key milestones and regulations. It also provides details on the present scenario, opportunities and challenges in the industry. Specifically for Reliance Life Insurance, it gives an overview of the company including its ownership and vision to offer integrated financial services.
The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach US$ 280 billion by 2020, up from US$ 23 billion in 2005.
- Life and non-life insurance premiums have grown at a compound annual growth rate of 11.48% between 2005-2017.
- Private sector participation in the insurance industry has increased, with their market share in non-life rising from 13.12% in 2003 to 48.01% in 2017.
- Growth in the agriculture, health and motor insurance segments is expected to drive further expansion of the insurance industry in India.
The insurance sector in India has historically been dominated by LIC, but private insurers have gained market share since 2000 when the sector was opened to privatization. The life insurance industry has grown substantially in the last decade, with the number of policies and amount of premiums increasing significantly. Growth has been driven by rising incomes and awareness as well as government initiatives to expand insurance coverage. However, there remains huge potential for further growth given low insurance penetration rates currently. Major players include both public sector insurers like LIC and private insurers such as HDFC, ICICI and Bajaj. The general insurance sector is also growing with motor insurance making up a large portion of the market.
Impact analysis of fdi on insurance sector in indiaAamir Hasan
The document summarizes the key changes and impacts of the Insurance Laws (Amendment) Bill passed in India in 2015. Specifically:
- The bill raises the cap on foreign direct investment in the Indian insurance sector from 26% to 49%. This is expected to bring $20-25 billion in short term funds to insurance companies.
- It allows insurance companies to raise capital through methods other than equity shares. It also establishes councils to regulate the life and general insurance industries.
- Raising the FDI cap could increase insurance penetration in India, meet long-term capital needs, and bring opportunities from global insurance companies entering the market. However, it may also face challenges around regulation and developing insurance awareness.
1) Microinsurance in India has grown rapidly in recent years but over 90% of the population remains uninsured. Key developments include the 2005 microinsurance regulation by IRDA and growth of government schemes like RSBY.
2) Life insurance, especially credit-life, dominates the microinsurance sector in India. New products like Max Vijay are emerging but savings-linked microinsurance remains underdeveloped. Health and crop insurance have also grown but face challenges around implementation and basis risk.
3) Innovations include index-based crop insurance partnerships and programs to expand micro-pensions to informal sectors. However, most microinsurance remains supply-driven and seeks subsidies over designing sustainable customer-centric products. Strategic perspectives and
Micro insurance portfolio of public and private sector insurance companiesRAVICHANDIRANG
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
MICRO INSURANCE PORTFOLIO OF PUBLIC AND PRIVATE SECTOR INSURANCE COMPANIESRAVICHANDIRANG
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
89 micro insurance portfolio of public and private sector insurance companieschelliah paramasivan
This document discusses the micro insurance portfolios of public and private sector insurance companies in India from 2009-2014. It provides data on the number of policies, premium amounts, and number of lives covered for both individual and group micro insurance products. For public insurers, it shows that over 150 million policies were sold individually, generating over Rs. 56,000 crores in premiums. For groups, over 267,000 schemes were implemented, insuring over 400 million lives and generating Rs. 27,500 crores in premiums. Private insurers saw around 3.7 million individual policies sold, generating Rs. 4,486 crores, and over 467 group schemes implemented, insuring over 51 million lives and premiums
83 a comparative study of public & private life insurance companies in indiachelliah paramasivan
This document presents a comparative study of public and private life insurance companies in India. It analyzes the financial performance and service quality perceptions of Life Insurance Corporation of India (LIC), the sole public insurer, and several leading private insurers through metrics like solvency ratios, liquidity ratios, and customer satisfaction surveys. The study finds that while LIC demonstrates stronger financial stability, private insurers have improved their market share in recent years by offering more customer-centric products and services. Overall, both public and private insurers need to enhance policyholder satisfaction with aspects like claims processing, surrenders, and complaints handling.
A comparative study of public & private life insurance companies in indiaRAVICHANDIRANG
This document provides a comparative study of public and private life insurance companies in India. It analyzes the financial performance and service quality perceptions of Life Insurance Corporation of India (LIC), the sole public insurer, and various private insurers through metrics like solvency ratios, profitability, and customer satisfaction surveys. The study finds that while LIC demonstrates stronger financial stability, private insurers have improved their market share in recent years by offering new products and channels. Overall, both public and private insurers need to enhance policyholder satisfaction with services.
The document provides an overview of the insurance industry in India. Some key points:
- The insurance industry in India is expected to reach $280 billion by 2020, with life insurance growing 12-15% annually for the next 3-5 years.
- Gross premiums written reached Rs. 5.53 trillion (US$94.48 billion) in FY18, with life insurance accounting for Rs. 4.58 trillion and non-life at Rs. 1.51 trillion.
- Private sector participation is increasing, with private players having a 50.7% market share in non-life insurance and 33.51% in new business in life insurance.
The document provides an overview of Life Insurance Corporation of India (LIC), the largest insurance company in India. It discusses LIC's history, objectives, products, subsidiaries, mission, vision, logo/recognitions and various life insurance products offered. Key points include that LIC was established in 1956 and is 100% government owned, has objectives around spreading insurance widely and maximizing savings, and offers various insurance products like term plans, endowment plans, whole life plans, and microinsurance.
Jeevan Mangal Micro Insurance In India- A Perforamce Approach in South ZoneRaja Ram
LIC’s New Jeevan Mangal is a protection plan with return of premium on maturity, where you may pay the premiums either in lump sum or regularly over the term of the policy. This plan has an in built accident benefit which provides for double risk cover in case of accidental death.
The document is an industrial training project report submitted by a student for their MBA program. It includes sections on the declaration, preface, acknowledgements, and an index of topics to be covered in the report such as the company and sector profiles, tasks undertaken during training, analysis, SWOT analysis, and conclusions. The report was prepared during a training internship at Bharti AXA Life Insurance to fulfill the practical training requirements of the MBA program.
Micro Insurance Portfolio of public and private sector insurance companiesRaja Ram
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
For full text artical go to: http://www.educorporatebridge.com/insurance/insurance-sector-in-india/Insurance sector in India is considered as a huge market due to its momentous untapped potential. This sector is said to improve the standard of living of the people in an economy as it leads to risk free lives, promotes entrepreneurship, mobilizes savings and leads to protection of trade and industry which contributes in human progress.
This document summarizes the performance of the Life Insurance Corporation of India (LIC) from 1999-2000 to 2008-2009. It discusses that LIC saw fluctuating growth in policies issued, premiums collected, and number of agents. While some years saw high growth rates, others saw declines. Overall, the compound growth rate for policies was 9.25% and premiums was 13.64%, showing good performance. It also discusses how LIC competes in the private insurance market in India and the changes to the insurance sector since privatization.
The document provides an overview of the insurance industry in India. Some key points:
- India's insurance market has been growing rapidly, with the life insurance premium market expanding at a CAGR of 15.3% from 2004-2014, and the non-life insurance premium market rising at a CAGR of 16.3% over the same period.
- The share of private sector players has increased significantly over time, with their share of life insurance premiums growing from 4.7% in 2004 to 24.6% in 2014.
- Emerging segments like health, crop, and motor insurance are expected to drive future growth in the industry. The crop insurance market is now the largest in the world
This document summarizes a research paper on competition in the life insurance sector in India. It provides background on the history and evolution of life insurance in India, including the nationalization of the industry in 1956 and the recommendations of the Malhotra Committee in 1994 to privatize the sector. It lists the current public and private life insurers operating in India, noting that LIC maintains over 70% market share. The paper examines issues around competition and dominance in the life insurance market.
The document provides an overview of the insurance industry in India. Some key points:
1) The overall insurance industry in India is expected to reach US$ 280 billion by 2020, with life and non-life insurance growing at brisk paces in recent years.
2) Private sector companies have increased their market share in both life and non-life insurance segments over time, though LIC remains the dominant player in life insurance.
3) Motor, health and crop insurance are seen as key drivers of future growth in the non-life insurance space, while pension and health segments also offer opportunities in life insurance.
Vijay Popat completed a summer internship at Max New York Life Insurance. The insurance industry in India has grown significantly since its nationalization in 1956. Major milestones include the establishment of the Insurance Regulatory and Development Authority in 2000, which allowed private entities to enter the insurance market. A survey of 100 individuals aged 25-45 showed their preferences for different insurance providers and the key reasons for those preferences. The internship provided Vijay with exposure to Max New York Life's management, board, SWOT analysis, market share, and recruitment process. It concluded that the experience gave Vijay valuable insights into the insurance industry and corporate world.
A study on the growth of indian insurance sectoriaemedu
The document summarizes the growth and development of the Indian insurance sector. It discusses key milestones like the nationalization of life insurance in 1956 and general insurance in 1972. It then covers the liberalization period starting in 1999 with the establishment of IRDA, which allowed private players to enter the market. Today there are 29 insurance companies with private players controlling around 26% of life and non-life markets. While competition has increased, the four public sector insurers still dominate with over 70% combined market share. The document also provides tables outlining the major players in life and general insurance.
Changing marketing trend of reliance life insurance (1)vaibhav003
The document provides information on the insurance industry in India and Reliance Life Insurance Company. It discusses the importance of insurance for the economy, the history and development of the insurance industry including key milestones and regulations. It also provides details on the present scenario, opportunities and challenges in the industry. Specifically for Reliance Life Insurance, it gives an overview of the company including its ownership and vision to offer integrated financial services.
The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach US$ 280 billion by 2020, up from US$ 23 billion in 2005.
- Life and non-life insurance premiums have grown at a compound annual growth rate of 11.48% between 2005-2017.
- Private sector participation in the insurance industry has increased, with their market share in non-life rising from 13.12% in 2003 to 48.01% in 2017.
- Growth in the agriculture, health and motor insurance segments is expected to drive further expansion of the insurance industry in India.
The insurance sector in India has historically been dominated by LIC, but private insurers have gained market share since 2000 when the sector was opened to privatization. The life insurance industry has grown substantially in the last decade, with the number of policies and amount of premiums increasing significantly. Growth has been driven by rising incomes and awareness as well as government initiatives to expand insurance coverage. However, there remains huge potential for further growth given low insurance penetration rates currently. Major players include both public sector insurers like LIC and private insurers such as HDFC, ICICI and Bajaj. The general insurance sector is also growing with motor insurance making up a large portion of the market.
Impact analysis of fdi on insurance sector in indiaAamir Hasan
The document summarizes the key changes and impacts of the Insurance Laws (Amendment) Bill passed in India in 2015. Specifically:
- The bill raises the cap on foreign direct investment in the Indian insurance sector from 26% to 49%. This is expected to bring $20-25 billion in short term funds to insurance companies.
- It allows insurance companies to raise capital through methods other than equity shares. It also establishes councils to regulate the life and general insurance industries.
- Raising the FDI cap could increase insurance penetration in India, meet long-term capital needs, and bring opportunities from global insurance companies entering the market. However, it may also face challenges around regulation and developing insurance awareness.
1) Microinsurance in India has grown rapidly in recent years but over 90% of the population remains uninsured. Key developments include the 2005 microinsurance regulation by IRDA and growth of government schemes like RSBY.
2) Life insurance, especially credit-life, dominates the microinsurance sector in India. New products like Max Vijay are emerging but savings-linked microinsurance remains underdeveloped. Health and crop insurance have also grown but face challenges around implementation and basis risk.
3) Innovations include index-based crop insurance partnerships and programs to expand micro-pensions to informal sectors. However, most microinsurance remains supply-driven and seeks subsidies over designing sustainable customer-centric products. Strategic perspectives and
Micro insurance portfolio of public and private sector insurance companiesRAVICHANDIRANG
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
MICRO INSURANCE PORTFOLIO OF PUBLIC AND PRIVATE SECTOR INSURANCE COMPANIESRAVICHANDIRANG
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
89 micro insurance portfolio of public and private sector insurance companieschelliah paramasivan
This document discusses the micro insurance portfolios of public and private sector insurance companies in India from 2009-2014. It provides data on the number of policies, premium amounts, and number of lives covered for both individual and group micro insurance products. For public insurers, it shows that over 150 million policies were sold individually, generating over Rs. 56,000 crores in premiums. For groups, over 267,000 schemes were implemented, insuring over 400 million lives and generating Rs. 27,500 crores in premiums. Private insurers saw around 3.7 million individual policies sold, generating Rs. 4,486 crores, and over 467 group schemes implemented, insuring over 51 million lives and premiums
83 a comparative study of public & private life insurance companies in indiachelliah paramasivan
This document presents a comparative study of public and private life insurance companies in India. It analyzes the financial performance and service quality perceptions of Life Insurance Corporation of India (LIC), the sole public insurer, and several leading private insurers through metrics like solvency ratios, liquidity ratios, and customer satisfaction surveys. The study finds that while LIC demonstrates stronger financial stability, private insurers have improved their market share in recent years by offering more customer-centric products and services. Overall, both public and private insurers need to enhance policyholder satisfaction with aspects like claims processing, surrenders, and complaints handling.
A comparative study of public & private life insurance companies in indiaRAVICHANDIRANG
This document provides a comparative study of public and private life insurance companies in India. It analyzes the financial performance and service quality perceptions of Life Insurance Corporation of India (LIC), the sole public insurer, and various private insurers through metrics like solvency ratios, profitability, and customer satisfaction surveys. The study finds that while LIC demonstrates stronger financial stability, private insurers have improved their market share in recent years by offering new products and channels. Overall, both public and private insurers need to enhance policyholder satisfaction with services.
This document provides a summary of a research paper that compares the public and private life insurance companies in India. It begins with an abstract that outlines the objectives of comparing customer perceptions of service quality and analyzing the financial performance of public versus private insurers. The introduction provides background on the growth of the insurance sector in India. It then examines the performance of the public insurer LIC and private insurers based on financial ratios like liquidity, solvency, and leverage. The study found that LIC has stronger financial performance and stability compared to private insurers.
Indian insurance industry performance of sbi life insuranceIAEME Publication
This document summarizes an article from the International Journal of Management about the Indian insurance industry and the performance of SBI Life Insurance. It discusses that the life insurance premium in India declined slightly in 2011-12 while non-life premium grew. It also evaluates the growth and new business performance of both public and private insurers through various channels like agents and banks. SBI Life Insurance is highlighted as a joint venture between State Bank of India and BNP Paribas Cardif, with the objective of assessing its role and performance within the Indian insurance industry.
RBSA-RR-Demystifying Life Insurance Industry in India (1).pdfRBSA Advisors
RBSA Advisors is delighted to share its recent research on the Life Insurance sector in India. Pandemic across the nation had impacted the country's overall financial system. The unprecedented nature of this crisis created difficult circumstances, including economic shutdowns. The year 2020 was a watershed year in the Insurance sector. Insurer were forced to rethink their business operations leading to enormous changes in the industry. Currently, life insurance industry is at crossroad.
Through this report we are demystifying the life insurance industry in India and sharing our views on the industry outlook.
STUDY ON MODELLING OF POLICYHOLDER BEHAVIOUR FOR LIFE INSURANCE IN ERODEJournal For Research
Life Insurance Corporation of India (LIC) is the India’s largest Life Insurance Company. LIC has acquired monopoly power in the solicitation and sale of Life Insurance Policies in India. LIC has registered a six per cent increase in market share to 78 percent during the current financial year. LIC's market share at the end of March 31, 2014, had stood at 72 per cent of all new policies sold during the last financial year (2013-14). The combined market share of 23 Private Life Insurance Companies has 22 per cent during the current fiscal, according to the latest figures. LIC has 53 products in his portfolio and sold around 80 lakh policies till the end of July 2014. LIC has set the new target of Rs. 54000 crores as a first premium income for 2015-16. LIC has a 78 per cent share because the private sector companies focus more on big ticket premiums, while LIC offers at a minimum premium of Rs 250 with life insurance value of Rs 30,000. This enables the public sector company to achieve the social objective of taking its insurance cover to a wider range of the country's population. LIC also has the lowest outstanding claims ratio. LIC had settled 99.8 per cent of death claims while the Private Sector Companies had settled 96.8 per cent of such claims. In this research paper we studied Customer Satisfaction towards Life Insurance Corporation of India (LIC), because Consumer Satisfaction is the first step to Achieve Consumer Loyalty. If the customers of Life Insurance Corporation are Satisfied and Happy then and then only they may be Loyal to the LIC. For this research Primary Data was collected from the various customers of Life Insurance Corporation of India. For data collection designed Questionnaire was distributed and collected from the respondents.
This document provides an overview of the life insurance industry in India. It discusses how the industry has grown significantly over the years and now represents a major economic sector. While insurance penetration is still low compared to other countries, there is huge growth potential as nearly 80% of the population lacks adequate life or health insurance. The regulatory framework for insurance is outlined, including the key acts governing the industry and the role of the Insurance Regulatory and Development Authority. Segment-wise splits of new business premiums collected in 2010 and 2011 are also presented in charts.
The document provides an overview of the Indian insurance industry. It discusses the market size, key players, and LIC's dominance. It also covers entry barriers like foreign ownership restrictions, high capital requirements, and lack of composite licenses. Competition is increasing as private players challenge LIC's monopoly, though LIC and GIC still dominate market share. The future growth depends on improved customer-centric products and distribution channels to increase rural penetration.
Micro Insurance in India: A Gizmo to Vehicle Economic Development & Alleviate...iosrjce
The conditions for growth and the degree of inequality are two key factors that determine the extent of
poverty reduction from per capita economic growth. The lower the inequality levels the more positive effect
economic growth has on poverty levels. The link between economic development and human development is
dependent on the effectiveness of countries to convert income into better lives for all their citizens (UNDP
2000). The international development target of halving the proportion of people living in extreme poverty by
2015 can be attained by low-inequality countries without any change in their growth pattern and with lower
growth rates. However, high-inequality countries will only reach the target if growth is pro-poor and
significantly higher than in the past (twice that of low-inequality countries). If all countries belonged to the lowinequality
group then a forecasted growth of four per cent per annum would realize the target as early as 2005
(Hanmer et al 2000). So, this paper explores the idea of development and reduction of poverty, vulnerability and
inequality by micro insurance in India.
A STUDY ON POLICY - HOLDERS SATISFACTION OF LIFE INSURANCE CORPORATION OF IND...IAEME Publication
This study examined the satisfaction levels of 599 life insurance policy holders of the Life Insurance Corporation of India in Sirkali Town. The researchers collected data on the policy holders' socio-economic characteristics and their perceptions and satisfaction with LIC's policies. Chi-square tests found that age, marital status, and occupation had a significant relationship with satisfaction levels, while gender, education, family income, residence, and family size did not. Most respondents were satisfied with LIC's loan and premium payment facilities. The researchers concluded that LIC must continue studying customers' evolving needs to improve insurance products and better serve society.
The document provides background information on the insurance industry in India. It discusses how the industry was nationalized in 1956 but opened up to private players in the 1990s. Currently there are 52 insurance companies operating in India, with the life insurance industry experiencing a decline in growth of 1.57% in 2011-12. The insurance sector has significant growth potential as penetration rates remain low compared to other Asian countries, providing opportunities for interested companies.
The document provides an overview of the insurance industry in India. Some key points:
- The insurance industry in India is expected to reach $280 billion by 2020, with life insurance growing 12-15% annually for the next 3-5 years.
- Total premiums reached Rs. 5.53 trillion in FY18, with life insurance making up Rs. 4.58 trillion and non-life Rs. 1.51 trillion.
- Private sector participation is increasing, with their market share rising to 54.32% in non-life and 33.51% in new business in life insurance.
- Growth is expected in segments like crop, health and motor insurance.
The document provides an overview of the general insurance industry in India. It discusses how general insurance started in India in the 19th century under British companies and was later nationalized. It was reopened to private companies in 1999. The summary discusses the key points of the industry's history, current state with low penetration compared to other countries, and future growth potential as regulations open the industry to more private and foreign players.
This document provides an overview of the Indian insurance industry. It discusses that the insurance industry in India has a history dating back to 1818 and provides life and general insurance. It notes that the industry has gone through changes in recent years with the opening up of the private insurance sector. It then discusses the nature of the industry, including that it provides protection against financial losses. It also discusses industry organizations, products offered, and recent developments like increased online services. It provides information on working conditions and common occupations in the industry.
Similar to 70 an overview of micro insurance industries in india (20)
The document discusses the sustainability and success of MSMEs in India. Some key points:
- MSMEs are the backbone of India's socio-economic development, contributing about 30% of GDP and 40% of exports. They provide large employment opportunities.
- Recently, the government revised the classification criteria for MSMEs to include both investment levels and turnover.
- Studies have found that MSMEs have consistently contributed to the country's growth despite challenges. However, they need more support like access to finance, technology, and skills to improve competitiveness.
- Data shows that the number of MSME units and people employed has increased over time, but their contribution to GDP and exports has slowly
This document discusses a study on factors affecting customer satisfaction in e-banking. It begins with an introduction on how banks are adopting information and communication technologies to provide e-banking services and increase customer satisfaction. It then reviews literature on models for measuring service quality and factors influencing customer satisfaction. The objectives and hypotheses of the study are to assess the impact of service quality, brand perception, and perceived value on customer satisfaction in e-banking. The study uses a survey to collect data from 200 customers on their perceptions of these factors. Preliminary findings indicate most respondents are male, between 25-50 years old, educated to the graduate level or higher, and are employees or businessmen.
The document discusses e-payment systems in rural India and associated issues and challenges. It notes that while e-payment has developed rapidly in cities, adoption in rural areas still lags behind due to several factors. These include low literacy rates, a lack of technological skills, slow internet speeds, low financial literacy, a lack of trust in cashless transactions, and lack of awareness about e-payment methods. Addressing these challenges through improved education and awareness efforts will be important to expanding digital payments across India.
14 a study on women empowerment through self help groups in indiachelliah paramasivan
This document discusses women empowerment through self-help groups (SHGs) in India. It provides background on the concept of women empowerment and defines it as a process of awareness and capacity building leading to greater participation and decision-making power. SHGs have emerged as an effective instrument for alleviating poverty and empowering women in rural India. They provide economic benefits like income generation opportunities and help women gain social empowerment by improving their status and decision-making role in society. The document examines how SHGs promote both economic and social empowerment of women members.
13 growth of e banking challenges and opportunities in indiachelliah paramasivan
This document summarizes a journal article about the growth of e-banking in India, including the challenges and opportunities. It begins with an introduction to e-banking and the benefits it provides over traditional banking. It then discusses some of the key challenges to e-banking adoption in India, such as low broadband penetration, banks' ambivalent commitment, and customers' preferences for traditional branches. The document also outlines opportunities for e-banking growth in India, including initiatives to improve financial literacy. It concludes that while e-banking faces challenges in India, it has potential for growth, especially as internet penetration increases.
This document summarizes a study on the problems and prospects of women entrepreneurs in Sivagangai District, India. It provides background on women's entrepreneurship development efforts in India. The study aims to analyze the socioeconomic profiles, challenges, and government support systems for women entrepreneurs in Sivagangai District. It finds that most women entrepreneurs are over 40, married, Hindu, and from nuclear families. Their businesses are typically local, cash-based, and they spend long hours on them. Earning an income was found to be the main motivation to start a business. The study helps identify problems faced by women entrepreneurs to improve government support programs.
7 corporate social responsibility perspectives and challenges in rural indiachelliah paramasivan
This document discusses corporate social responsibility (CSR) perspectives and challenges in rural India. It begins with defining CSR and noting its importance in India given that most of the population lives in rural areas. The document then reviews literature on CSR practices and initiatives in India. It outlines the objectives and methodology of the study, which examines CSR programs and their impact in rural areas by analyzing 6 companies. The results and discussion section describes the CSR policies and initiatives of these companies in areas like education, healthcare, infrastructure, and livelihood generation. It finds that while companies are actively engaging in rural CSR, there are still challenges to be addressed like lack of coordination and monitoring of projects.
1. Financial inclusion aims to provide banking services to low-income groups so that more people can access banking, while Digital India aims to provide government services electronically.
2. Digital India can help achieve financial inclusion goals by easily connecting different groups through digital banking and payment systems.
3. Initiatives under Digital India like internet connectivity, e-services, IT training, and digital lockers make the path to financial inclusion easier by allowing electronic access for all citizens.
This document discusses problems faced by farmers in India. It notes that over 58% of rural households depend on agriculture as their primary livelihood. Some key challenges include small land holdings, lack of technical knowledge, weather-dependent farming, low incomes, underdeveloped infrastructure, and inefficient bureaucracy. Farmers also face issues with seeds, fertilizers, irrigation and undeveloped infrastructure policies that slow agricultural growth. Addressing these problems could help improve conditions for farmers and support continued development of India's agricultural sector.
This document discusses the Digital India program and its implications for the education sector in India. Some key points:
- Digital India is a flagship program launched in 2015 to connect rural areas to high-speed internet and improve digital literacy.
- It aims to transform India into a digitally empowered society and knowledge economy.
- In education, it is leading to more interactive teaching methods using technology like laptops, tablets, and smartphones.
- Both K-12 schools and universities are being affected, with improved connectivity, online learning materials, and digital portfolios.
- However, lack of infrastructure in rural areas is still a challenge to fully realizing digital education's potential across India.
This document discusses community-based entrepreneurial activities. It defines community-based enterprises as entrepreneurial initiatives that enhance the quality of life and economic development of a particular region. The key characteristic of community-based enterprises is that assets belong or are dedicated to the community, ensuring the enterprise is accountable to the community and profits are reinvested for community benefit. Several studies discussed find that community-based entrepreneurship can empower marginalized groups and lift communities out of poverty by promoting collective action. However, challenges include a lack of community orientation in modern societies and difficulties providing support to local small and medium-sized enterprises.
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This document discusses the corporate social responsibility (CSR) activities of Bharat Heavy Electricals Limited (BHEL) with respect to Tiruchirappalli, India. It provides background on BHEL, including that it was established in 1956 and has manufacturing units across India. The document then reviews literature on CSR and defines CSR. It discusses BHEL's profile and operations in Tiruchirappalli specifically, including turnover, profit, and amounts allocated to CSR. The overall purpose is to examine BHEL's CSR efforts in the Tiruchirappalli region.
16 institutional assistance for women entrepreneurship in tamilnaduchelliah paramasivan
This document summarizes institutional assistance available to promote women entrepreneurship in Tamil Nadu, India. It discusses how the Ministry of Micro, Small and Medium Enterprises provides funding to state governments and entrepreneurship development institutions to encourage entrepreneurship. In Tamil Nadu specifically, the Center of Entrepreneurship Development, Entrepreneurship Development Institution, and Tiruchirappalli Regional Engineering College Science and Technology Park have received funds from both state and central governments as well as the Ministry of MSME to develop infrastructure, training programs, and provide subsidies to women entrepreneurs. The Entrepreneurship Development Institute also organizes Women Entrepreneur Development Programs to encourage business development for women.
This document provides an overview of financial inclusion through direct benefit transfer (DBT) in India. It discusses several major social defense schemes implemented through DBT, including the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), the National Social Assistance Programme (NSAP), and the PratyakshaHastaantaritLaabh (PAHAL) or Direct Benefit Transfer for LPG (DBTL). The document also reviews several studies on topics related to financial inclusion and DBT in India. Key initiatives by the government to promote financial inclusion through programs like Pradhan Mantri Jan Dhan Yojana are also summarized.
The document discusses the importance of maintaining good hygiene habits like handwashing to prevent the spread of diseases. It notes that germs can spread through direct contact with infected individuals or indirectly through surfaces they've touched. Proper handwashing with soap and water is the most effective way to kill germs and stop their transmission to keep yourself and others healthy.
This document provides a comparative study of the asset quality of IDBI Bank and State Bank of India from 2011-2016. It begins with background on asset quality and how non-performing assets (NPAs) impact banks' profitability and financial statements. The objectives are to compare the total advances, net profit, gross NPAs, and net NPAs of IDBI and SBI, as well as their asset quality ratios and loan classifications. Relevant literature on factors influencing bank asset quality and managing NPAs is reviewed. Brief profiles of IDBI and SBI are also given.
An empirical analysis on asset quality of public sector banks in india non p...chelliah paramasivan
This document discusses asset quality and non-performing assets (NPAs) in public sector banks in India. It defines key terms like gross NPAs, net NPAs, and classifications of assets. Gross NPAs include all non-performing assets, while net NPAs are calculated after deducting provisions. Assets are classified as substandard, doubtful or loss based on the period of being non-performing and recoverability. The document also discusses internal and external factors that can contribute to increasing NPAs and outlines prior literature on NPAs and financial reforms in India.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
How to Add Chatter in the odoo 17 ERP ModuleCeline George
In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
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LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...
70 an overview of micro insurance industries in india
1. INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY EDUCATIONAL RESEARCH
ISSN : 2277-7881; IMPACT FACTOR - 2.972; IC VALUE:5.16; ISI VALUE:2.286
VOLUME 4, ISSUE 6(1), JUNE 2015
AN OVERVIEW OF MICRO INSURANCE INDUSTRIES IN
INDIA
Dr. C. Paramasivan
Assistant Professor
Department of Commerce
Periyar E.V.R College (Autonomous)
Tiruchirappalli, Tamil Nadu
S. Rajaram
Ph.D Research Scholar
Department of Commerce
Periyar E.V.R College (Autonomous)
Tiruchirappalli, Tamil Nadu
Introduction
Micro insurance is one of the unique and important segments of
insurance which provides financial assistance to the poor people in the
country. Reaching the micro insurance to all is also a part of financial
inclusion. The IRDA on 30th
November 2005 regulation act micro
insurance products was implemented in India. The salient feature of
the life insurance, Health insurance, Crop insurance, Lives stock
insurance or cattle insurance and Asset insurance is product offer to
low income people. According to IRDA the term micro insurance
comprises two words “Micro” which means “Affordable to the poor”
and Insurance means “Risk Pooling to compensate to individual and
group”. Micro insurance is a key element in the financial services
package for mass people, particularly for economically weaker section of
people. The poor people face more risks than the well off, but more
importantly they are more vulnerable to the same risk. With this view
the present paper tries to discuss the distribution of micro insurance in
India.
Literature Review
Venkata Ramana Rao (2008) noted that micro insurance is not
an opportunity but a responsibility and to serve this responsibility good
awareness campaign is needed. Micro insurance is offering real
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2. INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY EDUCATIONAL RESEARCH
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VOLUME 4, ISSUE 6(1), JUNE 2015
solutions to the billions of rural poor that raises the awareness of micro
insurance as a key issue in coming future.
Ziaulhaq Mamum (2007) concluded that there are three basic
models of micro insurance which are provider model, insurer model and
linked model. As per the study, linked model is the best suitable model
for the improvement of poor’s conditions in Bangladesh, but presently
they are using insurer model, which is less productive for the poor’s
social security.
Anuradha Rajivan (2007) observed that planned actual steps to
address constraints like poverty will help express the insurability of the
poor in the future and study also shows that micro insurance is on the
edge of floating of India. The current interest from the different
stakeholders combined with the solid movement provided by the
November 2005 directive of IRDA concrete complementary catalytic
support will enable all the stakeholders to play a more proactive role.
Tinsy Rose Tome and Selvam (2012) concluded that there are
very few or no providers for health insurance. So the providers should
concentrate more on providing health insurance products. The poor
people and mostly the illiterate providers can join with the corporate
because they are still not ready to give importance to the rural market.
There is a need of well laid out strategy to target rural market at
corporate level and more importantly human angle should not be
handled by experts.
Ratna Kishore (2013) in his article pointed out that the market
for micro insurance in India is enormous and remains untapped. The
potential market size for micro insurance in India is estimated to be
between Rs.62000 and Rs.84000 million. He has given a micro
insurance business model for the existing insurance. He explains micro
insurance as social security lower for the poor and brought out the
problems and challenges in micro insurance.
www.ijmer.in 116
3. INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY EDUCATIONAL RESEARCH
ISSN : 2277-7881; IMPACT FACTOR - 2.972; IC VALUE:5.16; ISI VALUE:2.286
VOLUME 4, ISSUE 6(1), JUNE 2015
Statement of Problem
Micro insurance nature products in the market have short policy
contract terms and are tremendously but no longer exclusively under
written on a group basis. A number of the new products offered by
formal insurers may be individually underwritten but the numbers of
such policies are still very small even relative to the low overall
outreach micro insurance. It is one of the emerging concepts in India
which consists of the public sector players and private sector players;
government alone may not fulfil all demands of the rural people. In
India 22 private players and one public insurance player provides
various kind of insurance product offers to rural people. Life Insurance
Corporation as well as private insurance player two major parts of
classified; there are life insurance and non life insurance. Rural people
avoid the risk coverage to transfer the risk of the rural people covered
with life secured policy. They pay low premium to the policy holder.
Individual category and group category people avoid the risk coverage
because they are stating some business and are not aware of risk limit
so they have taken this micro insurance policy. Hence there is a need
to understand the concept of micro insurance and its distribution with
respect to region wise, category wise and product wise during study
period.
Objective
To examine an overview of micro insurance industries in India
Methodology
The present paper is quantitative in nature by using secondary
data which have been collected from the report of IRDA, website of
insurance agencies etc. Collected data have been arranged according to
its needs and analysis with the help of simple percentage
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4. INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY EDUCATIONAL RESEARCH
ISSN : 2277-7881; IMPACT FACTOR - 2.972; IC VALUE:5.16; ISI VALUE:2.286
VOLUME 4, ISSUE 6(1), JUNE 2015
Table No: 1
Region wise distribution of offices of life Insurance 2010-11
Insurer Metro Urban Semi-
urban
Others Company
Total
Percentage
Aegon
Religare
32 66 27 3 128 1.10
Aviva 28 45 56 13 142 1.22
Bajaj Allianz 64 149 438 441 1092 9.45
Bhart AXA 26 60 86 9 181 2.50
Birala
Sunlife
54 89 370 104 617 5.34
CanaraHSBC 10 17 6 - 33 0.28
DLF
Pramerica
6 11 23 1 41 0.35
Future
Generali
12 49 66 58 185 2.00
HDFC
Standard
59 83 285 71 498 4.31
ICICI
Prudential
79 114 494 715 1402 12.14
IDBI Federal 12 30 17 1 60 0.51
India first 8 5 - - 13 0.11
ING vysya 22 57 153 15 247 0.02
Kotak
Mahindra
38 64 92 9 203 2.50
Max New
York
72 99 227 106 504 4.36
Met Life 30 61 145 34 270 2.33
Relience life 90 120 570 468 1248 11.00
Sahara 6 35 73 21 135 0.01
SBI Life 34 124 334 137 629 6.40
Shriram 25 49 85 3 162 1.40
Star Union
Dai-ichi
7 14 - 1 22 0.19
Tata AIG 55 87 168 53 363 3.14
LIC 363 560 953 1495 3371 29.19
Industry
Total
1132 1988 4668 3758 11546 100
(Source: IRDA- Annual Report 2012-13)
Table No: 1 shows the region wise distribution of offices of life
insurance 2010-11 as per the IRDA annual report.
As regards Aegon Religare, there are 128 offices which
constitute 1.10 percentage of total Life insurance office, of which 32 are
in metro, 66 in urban, 27 in semi urban and 3 in other places. As
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5. INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY EDUCATIONAL RESEARCH
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VOLUME 4, ISSUE 6(1), JUNE 2015
regards Aviva there are 142 offices which constitute 1.22 percent of
total life insurance offices of which, 28 are in metro, 45 in urban, 56 in
semi urban and 13 in other places. As regards Bajaj Allianz there are
1092 offices which constitute 9.45 percent of total life insurance offices
of which 64 are in metro, 149 in urban, 438 in semi urban and 441 in
other places. With regards to Bhart AXA there are 181 offices which
constitute 2.50 percent of total life insurance offices of which 26 are in
metro, 60 in urban, 86 in semi urban and 9 in other places. As regards
Birala sunlife there are 617 offices which constitute 5.34 percent of life
insurance of which 54 are in metro, 89 in urban, 370 in semi urban and
104 in other places. With regards to Canara HSBC there are 33 offices
which constitute 0.28 percent of total life insurance offices of which 10
are in metro, 17 in urban and 6 in semi urban areas. As regards DLF
Pramerica there are 41 offices which constitute 0.35 percent of life
insurance offices of which 6 are in metro, 11 in urban, 23 in semi urban
and one in other place. With regard to Future Generali there are 185
offices which constitute 2.00 percent of life insurance offices of which
12 are in metro, 49 in urban, 66 in semi urban and 58 in other places.
As regards HDFC standard there are 498 offices which constitute 4.31
percentage of life insurance of which 59 are in metro, 83 in urban, 285
in semi urban and 71 in other places, With regard to ICICI Prudential
there are 1402 offices which constitute 12.14 percentage of life
insurance of which 79 are in metro, 114 in urban, 494 in semi urban
and 715 in other places. As regards IDBI Federal there are 60 offices
which constitute 0.51 percentage of life insurance of which 12 are in
metro, 30 in urban, 17 in semi urban and one in other places. With
regard to India first there are 13 offices which constitute 0.11
percentage of life insurance of which 8 are in metro and 5 in urban
places. As regards ING vysya there are 60 offices which constitute 0.51
percentage of life insurance of which 12 are in metro, 30 in urban, 17 in
semi urban and one in other places. With regard to Kotak Mahindra
there are 203 offices which constitute 2.50 percent of life insurance of
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which 38 are in metro, 64 in urban, 92 in semi urban and 9 in other
places. With regard to Max New York there are 504 offices which
constitute 4.36 percent of life insurance of which 72 are in metro, 99 in
urban, 227 in semi urban and 106 others places. With regard to Met
Life there are 270 offices which constitute 2.33 percentage of life
insurance of which 30 are in metro, 61 in urban, 145 in semi urban and
34 in other places. As regards Reliance life there are 1248 offices which
constitute 11.00 percentage of life insurance of which 90 are in metro,
120 in urban, 570 in semi urban and 468 in other places, Sahara there
are 135 offices which constitute 0.01 percentage of life insurance of
which 6 are in metro, 35 in urban, 73 in semi urban and 21 in other
places. For are SBI Life there are 629 offices which constitute 6.40
percentage of life insurance of which 34 are in metro, 124 in urban, 334
in semi urban and 137 in other places. For Shriram there are 162
offices which constitute 1.40 percentage of life insurance of which 25
are in metro, 49 in urban, 85 in semi urban and 3 in other places. With
regard to Star Union Dai-ichi there are 22 offices which constitute 0.19
percentage of life insurance of which 7 are in metro, 14 are in urban
and one in other places. As regards TATA AIG there are 363 offices
which constitute 3.14 percentage of life insurance of which 55 are in
metro, 87 in urban, 168 in semi urban and 53 in other places, With
regards to LIC there are 3371 offices which constitute 29.19 percentage
of life insurance of which 363 are in metro, 560 in urban, 953 in semi
urban and 1495 in other places On the whole, there are 11546 offices of
life insurance on 2010-11 of which 1132 are in metro,1988 in urban,
4668 in semi urban and 3758 in other areas.
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Table No: 2
Individual category of micro insurance products
Company
Name
Name of Product Date of
Launch
Aviva Gramin Suraksha 12 June 2007
Bajaj Allianz Bajaj Allianz Saral Suraksha 4th
April 3007
Bajaj Allianz Jana vikas Yojana
Bajaj Allianz Alp Nivesh Yojana
Birla Sunlife Bima Dhan Sachay and Bima
Suraksha Super
31st
August
2007
DLF
Pramerica
DLF Pramerica Sarva Suraksha 30th
March 2009
Edelweiss
Tokio
Raksha Kavach Dhan 29th
Octorber
2012
Nivesh Bima Yojana 20th
December
2012
HDFC
Standard
Gramin Bima Kalyan Yojana
Sarvagraman Bachat Yojana
24th
January
2011
ICICI
Prudential
Sarva Jana Suraksha 15th
July 2008
PNB Met
Life
Met Vishwas 15th
July 2008
Met Grameen Ashray 29th
July 2010
Sahara Sahara Sahyog 26th
June 2006
SBI Life Grameen Bima 15th
Feburary
2013
Tata AIG Tata AIG Life Ayushman Yojana
Tata AIG Life Navkalyan Yojana
Tata AIG Life Sampoon Bima Yojana
8th
August
Tata AIG Sumangal Bima Yojana 2nd
Septemebr
2008
(Source: IRDA Annual Report 2012-13)
The above table reveals the details of the insurance products offered by
the company and date of its launching.
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As regards individual category of micro insurance products,
Aviva introduced a micro insurance product in the name of Gramin
Suraksha on 12th
June 2007. Bajaj Allianz introduced a micro insurance
in the name of Bajaj Allianz Saral Suraksha Yojana Bajaj Allianz Jana
vikas Yojana, Bajaj Allianz Alp Nivesh Yojana on 4th
April 2007. Birla
Sunlife introduced a micro insurance in the name of Bima dhan Sachay
and Bima suraksha Super on 31st
August 2007 and DLF Pramerica DLF
Pramerica Sarva Suraksha on 29th
October 2012. Edelweiss Tokio
introduced a micro insurance in the name of Raksha Kavach Dhan and
Nivesh Bima Yojana on 20th
December 2012. HDFC standard
introduced a micro insurance in the name of Gramin Bima Kalyan
Yojana and Sarvagraman Bachat Yojana on 24th
January 2001. ICICI
Prudential introduced a micro insurance in the name of Sarva Jana
Suraksha on 15 July 2008. PNB Met Life introduced a micro insurance
in the name of Met Vishwas and Met Grameen Ashray on 29th
July
2010. Sahara introduced a micro insurance in the name of Sahara
Sahyog on 26th
June 2006. SBI Life introduced a micro insurance in the
name of Grameen Bima on 15th
Feburary 2013. Tata AIG introduced a
micro insurance in the name of Tata AIG Life Ayushman Yojana, Tata
AIG Life Navkalyan Yojana, Tata AIG Life Sampoon Bima Yojana on
8th
August 2008 and Tata AIG Life Sumangal Bima Yojana on 2nd
September 2008.
Table No: 3
Group category of micro insurance products
Company
Name
Name of Product Date of Lauch
Aviva Credit Plus 6th
Aug 2002
Canara
HSBCOBSC
Sampooma Kavach Plan 15th
January
2009
DLF Pramerica Sarva Suraksha 30th
March 2009
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IDBI Federal Group Micro Insurance Plan 16th
December
2008
ING Vysya Generic Group term
insurance for social sector
27th
March 2002
ING Saral Suraksha 30th
November
2007
SBI Life Grameen Shakti 6th
December
2007
Grameen Super Suraksha
Shriram Shri Sahay –SP 19th
Mar 2007
Shri Sahay-AP 15th
May 2007
Star Union SUD Life Paraspar
Suraksha Plan
17th
May 2009
(Source: IRDA Annual Report 2012-13)
As regards Group category of Micro insurance products details,
Aviva introduced group micro insurance in the name of Credit Plus on
6th
August 2002. Canara HSBCOBSC introduced group micro insurance
in the name of Sampooma Kavach Plan on 15th
January 2009. DLF
Pramerica group insurance introduced Sarva Suraksha on 30th
March
2009. IDBI Federal introduced group insurance in the name of Group
insurance plan 16th
December 2008. ING vysya introduced group
insurance in the name of Generic group term insurance for social sector
on 27th march 2002, and ING saral Suraksha on 30th
November 2007.
SBI Life introduced group insurance in the name of Grameen Shakti
and Grameen super suraksha on 6th
December 2007. Shri Sahay-SP on
19th
March 2007 and Shri Sahay- AP on 15th
may 2007.Star Union
introduced group insurance on SUD Life Paraspar Surksha plan on 17th
may 2009.
Micro insurance of Individual category
It is distribution in rural areas coupled with availability of
simple, standard product with low flexible premium that is one of the
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VOLUME 4, ISSUE 6(1), JUNE 2015
major reasons for a very low insurance presence and penetration in
rural areas. This announcement will go a long way in addressing this
difficulty of higher distribution cost. Micro insurance policies have an
insurance cover ranging from Rs 5000 to Rs 50000 and cover health,
dwelling, personal accidents in general insurance and term,
endowment, health and accident under life insurance. Micro-
insurance policies, because of flexibility of premium payment terms,
amount and coverage, cater to families in the informal sector who are
in need of insurance and can’t afford higher premium in one go. These
banking correspondents will be permitted to take up selling of ‘micro
insurance’ policies.
Table No: 4
New business under micro insurance portfolio (Life Insurance)
2010-211
(Source: Handbook on Indian Insurance Statistics 2010-11)
As regards the individual category of new business under micro
insurance portfolio on 2010-11, there are 11222 policies mobilised by
Insurer Individual Category
Number
of policies
Percentage Premium
Crore
Percentage
2010-2011 2010-2011
Aviva 11222 0.30 58.87 0.45
Birla
Sunlife
290395 7.95 186.00 1.42
ICCI
Prudential
324889 8.98 256.08 1.96
Met Life 3501 0.09 4.21 0.03
Sahara 1483 0.04 12.24 0.09
Tata AIG 68243 1.86 217.69 1.66
LIC 2951235 80.83 12305.76 94.36
Industry
Total
3650968 100 13040.85 100
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Aviva which constitute 0.30 % of the total number of policies. Aviva
mobilised premium amounted to Rs. 58.87 (0.45%), which constitutes
290395 policies mobilised Birla Sunlife constitutes 7.95% of the total
number of policies. Birla Sunlife mobilised premium amounted to
Rs.186 (1.96%), There are 324889 policies mobilised by ICICI
Prudential which constitutes 8.90% of the total number of policies.
ICICI mobilized premium amounted to Rs.256.08 to (1.96 %), there are
3501 policies mobilized by Met life which constitutes 0.09% of the total
number of policies. Met Life mobilized premium amounted to Rs. 4.21
(0.03%; There are 1483 policies mobilized by sahara which constitutes
0.04%, Sahara mobilized premium amounting to Rs. 12.24 (0.09%).
There are 68243 policies mobilised by Tata AIG which constitute 1.86
percentage of the total number of policies. Tata AIG mobilized
premium amounting to Rs.217.69 (1.66%) and there are 2951235
policies mobilised by life insurance corporation which constitutes
80.83% of total number of policies. Life insurance corporation mobilized
premium amounting to Rs.12305.76 (94.36%).
Group category of micro insurance
There are a large number of groups which are non-employer-
employee, are homogeneous in nature and have a commonality of
interest. These groups represent a particular profession trade such as
domestic workers, auto drivers and taxi drivers association, Anganwadi
workers, Self help groups (SHGs) and cooperative societies. Such
groups are in fact more deserving for a group based insurance product.
The inclusion of these groups under the group insurance products will
help hitherto uncovered members of these groups to have an insurance
as well as saving cover, will help mobilize their savings and will help
increase insurance penetration immensely. These members could not
afford an individual insurance product owing to the higher premium
and will now be able to avail a better customized product at a much
lower premium.
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Table No: 5
New business under micro insurance portfolio (Life Insurance)
2010-211
(Source: Handbook on Indian Insurance Statistics2010-11)
As regards the group category of new business under micro
insurance portfolio on 2010-11, there is one scheme by Aviva which
constitutes 0.00 % of the total number of schemes. Aviva mobilized
premium amounted to 1118.30 Crores (7.20%). There are 10010
schemes by DLF pramerica which constitutes 0.06% of the total
number of schemes. DLF prameica mobilized premium amounted to
1.00 (0.00%) There are 648835 schemes by IDBI Federal which
constitutes 4.51% of the total number of schemes. IDBI Federal
constitutes 1.14% of the total number of schemes. There are 69
schemes by sahara which constitutes 0.00% of the total number of
schemes. There are 70683 schemes by SBI Life which constitutes 0.04%
of the total number of schemes. SBI Life mobilized premium amounted
to 78.23 (2.21%). There are 357563 Schemes by Shriram which
constitutes 2.48% of total number of schemes. Shriram mobilized
premium amounted to 343.20 (2.21%). There are 13275464 schemes by
Insurer Group Category
Number of
Schemes
Percentage Premium
(Crore)
Percentage
2010-11 2010-11
Aviva 1 0.00 1118.30 7.20
DLF
Prameica
10010 0.06 1.00 0.00
IDBI
Federal
648835 4.51 178.41 1.14
Sahara 69 0.00 - -
SBI Life 70683 0.04 78.23 0.50
Shriram 357563 2.48 343.20 2.21
LIC 13275464 92.43 13803.67 88.92
Industry
Total
14362625 100 15523.08 100
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Life insurance corporation which constitutes 92.43% of total number of
schemes. Life insurance corporation mobilized premium amounted to
13803.67 (88.92%) of new business under micro insurance portfolio.
Role on micro insurance agent
A micro insurance agent can tie-up with only one life insurance
and general insurance company. In addition, micro insurance agent can
work with an agriculture insurance company and a standalone health
insurance company to distribute crop insurance and health insurance
products respectively. Micro insurance agents can tie-up with other
insurance companies only after three months from the date of
resignation from previous company. These agents have to undergo
training for at least 50 hours. IRDA has said that non-life insurers will
have to train these agents in local vernacular language. The cost will be
borne by the companies..
Table No: 6
Company wise number of micro insurance agents 2010-11
Company
Name
2011 2010 2009 2008
No % No % No % No %
Aviva 1 0.00 1 0.00 1 0.00 0 0.00
Bajaj
Allianz
210 2.00 210 2.42 193 2.66 168 3.66
Birla
Sunlife
33 0.31 129 1.48 104 1.43 77 1.67
ICICI
Federal
47 0.44 14 0.16 14 0.19 0 0.00
Met Life 9 0.08 0 0.00 0 0.00 0 0.00
Sahara 15 0.14 15 0.17 13 0.17 8 0.17
Shriram 0 0.00 1 0.00 1 0.00 1 0.00
TATA
AIG
443 4.22 400 4.61 277 3.82 164 3.57
LIC 9724 92.76 7906 91.12 6647 91.68 4166 90.88
Industry
Total
10482 100 8676 100 7250 100 4584 100
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VOLUME 4, ISSUE 6(1), JUNE 2015
(Source: IRDA-Annual Report 2012-13)
With respect to the company wise number of micro insurance
agent, LIC dominated with 9724 micro insurance agents in the year
2011, which constitutes 92.76% of total number of micro insurance
agents followed by Tata AIG with 443 (4.22%) of micro insurance
agents, Bajaj Allianz with 210 (2.00%)of micro insurance agents, Birla
sunlife with 33 (0.31%) of micro insurance agents, ICICI Federal with
47 (0.44%) of micro insurance agents. Met Life Insurance with 9
(0.08%) and sahara with 15 (0.14%) of micro insurance agents. With
regard to worked micro insurance company, micro insurance agents, in
the year 2010, constitutes 91.12% of total number of micro insurance
agents, Tata AIG with 400 (4.61%) of total number of micro insurance
agents, Sahara with 15 (0.17%) total number of micro insurance agents,
ICICI Federal 14 (0.16%), Birla sunlife with 129 (1.48%), Bajaj Allianz
with 210 (2.42%). In this year 2009 micro insurance agents LIC
dominated with 6647 (91.68%), Tata AIG with 277 (3.82%), Bajaj
Allianz with 193 (2.66%), Birla sunlife with 104 (1.43%), ICICI Federal
with 14 (0.19%), Sahara with 13 (0.17%) and in this year 2008 micro
insurance agents, LIC dominated with 4166 (90.88%), Bajaj Allianz
with 168 (3.66%), Tata AIG with 164 (3.57%) Birla sunlife with 77
(1.67%), Sahara with 8 (0.17%) of micro insurance agents worked for
public and private insurance company.
Conclusion
Micro insurance is part of financial inclusion which provides
financial services to the poor and the unreached people in the country.
Micro insurance consists of wide scope and it will reach huge segment
of the people. In India, micro insurances are not much popular like the
life and general insurance because of the lack of awareness among the
people. Hence, there should be a awareness on micro insurance among
the people particularly those who belong to weaker section of the
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VOLUME 4, ISSUE 6(1), JUNE 2015
society. With this View, the NDA government has implemented a
micro insurance linked PMJDY scheme. It will reach the target group
of the micro insurance products.
Reference
1. Anuradha Rajiven (2007), “Building security for poor- Potential and
prospects for micro insurance in India” Human development report
unit, UNDP regional Centre in Colombo, Serving Asia and the
Pacific
2. IRDA (2005), Insurance regulatory and development authority
obligations of insurers to rural social sector.
3. IRDA Annual Report 2010-2011
4. Paramasivan.C and Ganeshkumar.V (2013), “Overview of Financial
Inclusion in India”, International Journal of Management &
Development Studies,vol. No.2, pp 45-49.
5. Ratna Kishor,(2013) “Micro insurance in India-Protecting the
poor”, Journal of Business Management and Social Sciencess
Research, Vol.2,No.3. pp. 39-44
6. Venkataramana Rao (2008), “Life insurance awareness in rural
India: Micro insurance awareness in rural India: Micro insurance
lessons to learn and teach” Bimaquest- volume VIII issue I
7. Ziaulhaq Mamum,(2007),“Contribution of micro insurance
augmenting the poverty alleviation role of micro –finance: A case
study of Bangladesh” Institute of business administration
university of Dhaka, Bangladesh.
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