The document summarizes a presentation on microinsurance in India given at the Actuarial Society's 2015 convention. It discusses:
1) The Indian insurance market landscape with 24 life and 28 general insurers regulated by IRDA.
2) The large potential for microinsurance in India given lack of banking access and insurance penetration, especially in rural areas.
3) The government's efforts to promote microinsurance through regulations, rural/social sector obligations for insurers, and public-private partnerships like the Weather Based Crop Insurance Scheme and Rashtriya Swasthya Bima Yojana health insurance.
1. The document provides an overview of the housing scenario in India, including the large housing shortage, especially for low-income groups. It discusses various government policies and institutions that aim to promote affordable housing development.
2. Key issues in housing finance in India are the lack of available funds, high cost of land, and slow progress in meeting housing needs. While government schemes aim to facilitate affordable housing, many programs have failed to achieve their objectives due to poor administration.
3. There is a major opportunity for growth in housing finance to serve the large number of low and middle-income households that currently rely on informal sources of funding for home construction. Increased investment and development of affordable housing options is needed to address India's
भारत सरकार की महत्वाकांक्षी योजना 'प्रधानमंत्री आवास योजना - 2019' स्कीम की पूरी अद्यतन जानकारी । Latest updated knowledge about Pradhan Mantri Awas Yojna of Government of India. Please like, share and comment the video. Subscribe the channel and click on bell icon for getting latest update of my video.
Taking Occupational Health to the Unorganized Sector- Challenges and Opportun...Dr Rajiv Kumar Jain
Occupational Health and Safety cover for the unorganized sector can well be said as nonexistent.
Of the total employed population in the country during 2007 about 17 per cent was in the organized sector and 83 per cent is in the unorganized sector.
As per the International Labour Organisation (ILO) estimates, nearly 2 lakh workers die annually and about 1200 lakh are injured. Nearly 50 percent of these deaths and injuries occur in developing countries.
As far as occupational diseases are concerned, the absence of any national level statistics is partially compensated with independent studies reporting existence of many occupational diseases.
The overwhelming target population to be covered in the unorganised sector for the improvement of the safety and health status is a Herculean task to be achieved in a vast country like India. special cell with executive power attached to a government department in the Ministry need to be formed and this could be part of the proposed National Board of Occupational Safety and Health. In fact, the Board will be formed under a Government Legislation on Occupational Safety and Health (Safety and Health at Work Act), which the government is proposing to enact. This Board will be an apex body at national level to deal with matters connected with OSH issues of workers in all
sectors or economy and will assist the Government of India in the implementation of the National Policy on Occupational Safety and Health.
The document summarizes a political economy analysis of gender and social protection in Pakistan, focusing on the Benazir Income Support Programme (BISP) and the Zakat Programme. It analyzes how gender has been integrated into the design and implementation of the programs, barriers facing women, and the quality of implementation regarding gender. The BISP represents a turning point in Pakistan's social protection landscape by using evidence-based identification and transparent monitoring. While the Zakat Programme has been assessed previously, this report provides a new gender perspective. It also examines the role of multilateral agencies in shaping Pakistan's social protection framework.
Union Budget 2019: How it Impacts Businesses of all ScalesLikhil Sukumaran
The document summarizes key points from the Economic Survey of 2019 and the Union Budget of 2019. It discusses measures to provide liquidity support to non-banking financial companies (NBFCs), including allowing public sector banks to purchase high-rated NBFC assets and providing credit guarantees. It also outlines tax changes that lower corporate tax rates for small and medium enterprises. Concerns are raised about a potential slowdown in investment and manufacturing activity.
Social security is defined as security provided by society through appropriate organizations against certain risks like sickness, invalidity, old age, and death. It is recognized as a human right by the UN. Germany pioneered social security programs in the late 1800s and many other countries developed similar programs in the early 1900s. India has implemented various acts to provide social security for organized and unorganized sector workers covering areas like employment injury, maternity, old age, contracts, and more. Examples of comprehensive foreign social security systems include Finland, which covers all residents through tax-funded and employment-based programs.
The document summarizes key information about Micro, Small and Medium Enterprises (MSMEs) in India. It discusses how MSMEs are defined and categorized based on investment levels. It outlines the significant contributions of MSMEs, including major contributions to GDP, exports, and employment in India. It also discusses recent government policy initiatives to support MSMEs such as easing the registration process, establishing a framework for revival and rehabilitation of stressed MSMEs, and launching portals to help MSMEs access schemes and track grievances.
This document discusses social security programs in Pakistan. It provides definitions and examples of social security, and outlines several government social security programs in Pakistan such as Zakat, the Benazir Income Support Program, the Employees' Old-Age Benefits Institution pension fund, and vocational training programs. It also discusses the roles of non-governmental organizations that advocate for workers' rights and improved social security.
1. The document provides an overview of the housing scenario in India, including the large housing shortage, especially for low-income groups. It discusses various government policies and institutions that aim to promote affordable housing development.
2. Key issues in housing finance in India are the lack of available funds, high cost of land, and slow progress in meeting housing needs. While government schemes aim to facilitate affordable housing, many programs have failed to achieve their objectives due to poor administration.
3. There is a major opportunity for growth in housing finance to serve the large number of low and middle-income households that currently rely on informal sources of funding for home construction. Increased investment and development of affordable housing options is needed to address India's
भारत सरकार की महत्वाकांक्षी योजना 'प्रधानमंत्री आवास योजना - 2019' स्कीम की पूरी अद्यतन जानकारी । Latest updated knowledge about Pradhan Mantri Awas Yojna of Government of India. Please like, share and comment the video. Subscribe the channel and click on bell icon for getting latest update of my video.
Taking Occupational Health to the Unorganized Sector- Challenges and Opportun...Dr Rajiv Kumar Jain
Occupational Health and Safety cover for the unorganized sector can well be said as nonexistent.
Of the total employed population in the country during 2007 about 17 per cent was in the organized sector and 83 per cent is in the unorganized sector.
As per the International Labour Organisation (ILO) estimates, nearly 2 lakh workers die annually and about 1200 lakh are injured. Nearly 50 percent of these deaths and injuries occur in developing countries.
As far as occupational diseases are concerned, the absence of any national level statistics is partially compensated with independent studies reporting existence of many occupational diseases.
The overwhelming target population to be covered in the unorganised sector for the improvement of the safety and health status is a Herculean task to be achieved in a vast country like India. special cell with executive power attached to a government department in the Ministry need to be formed and this could be part of the proposed National Board of Occupational Safety and Health. In fact, the Board will be formed under a Government Legislation on Occupational Safety and Health (Safety and Health at Work Act), which the government is proposing to enact. This Board will be an apex body at national level to deal with matters connected with OSH issues of workers in all
sectors or economy and will assist the Government of India in the implementation of the National Policy on Occupational Safety and Health.
The document summarizes a political economy analysis of gender and social protection in Pakistan, focusing on the Benazir Income Support Programme (BISP) and the Zakat Programme. It analyzes how gender has been integrated into the design and implementation of the programs, barriers facing women, and the quality of implementation regarding gender. The BISP represents a turning point in Pakistan's social protection landscape by using evidence-based identification and transparent monitoring. While the Zakat Programme has been assessed previously, this report provides a new gender perspective. It also examines the role of multilateral agencies in shaping Pakistan's social protection framework.
Union Budget 2019: How it Impacts Businesses of all ScalesLikhil Sukumaran
The document summarizes key points from the Economic Survey of 2019 and the Union Budget of 2019. It discusses measures to provide liquidity support to non-banking financial companies (NBFCs), including allowing public sector banks to purchase high-rated NBFC assets and providing credit guarantees. It also outlines tax changes that lower corporate tax rates for small and medium enterprises. Concerns are raised about a potential slowdown in investment and manufacturing activity.
Social security is defined as security provided by society through appropriate organizations against certain risks like sickness, invalidity, old age, and death. It is recognized as a human right by the UN. Germany pioneered social security programs in the late 1800s and many other countries developed similar programs in the early 1900s. India has implemented various acts to provide social security for organized and unorganized sector workers covering areas like employment injury, maternity, old age, contracts, and more. Examples of comprehensive foreign social security systems include Finland, which covers all residents through tax-funded and employment-based programs.
The document summarizes key information about Micro, Small and Medium Enterprises (MSMEs) in India. It discusses how MSMEs are defined and categorized based on investment levels. It outlines the significant contributions of MSMEs, including major contributions to GDP, exports, and employment in India. It also discusses recent government policy initiatives to support MSMEs such as easing the registration process, establishing a framework for revival and rehabilitation of stressed MSMEs, and launching portals to help MSMEs access schemes and track grievances.
This document discusses social security programs in Pakistan. It provides definitions and examples of social security, and outlines several government social security programs in Pakistan such as Zakat, the Benazir Income Support Program, the Employees' Old-Age Benefits Institution pension fund, and vocational training programs. It also discusses the roles of non-governmental organizations that advocate for workers' rights and improved social security.
The budget focused on developing a 'New India' through boosts for agriculture, rural development, infrastructure, healthcare, employment and education. Key announcements included increasing MSP for crops to 1.5 times production cost, allocating Rs. 2000 crore for developing agricultural markets, and doubling allocation for food processing. The budget also proposed the world's largest government healthcare program covering over 10 crore poor families and allocating funds for rural housing and education infrastructure development. However, expectations of income tax cuts were mostly unmet with the exception of a standard deduction increase, and stock markets fell due to the announcement of a 10% tax on long-term capital gains from equities.
A Brief About Pradhan Mantri Awas YojanaAnamika Verma
The Pradhan Mantri Awas Yojana (PMAY) provides housing assistance to low-income families in India through two sub-schemes: Pradhan Mantri Awas Yojana Urban (PMAY-U) which covers over 4,331 cities and towns, and Pradhan Mantri Awas Yojana Gramin (PMAY-G) which covers rural areas excluding Delhi and Chandigarh. Eligibility for the scheme includes families earning less than Rs. 12 lakhs annually or those belonging to scheduled castes, scheduled tribes or other backward classes. Beneficiaries can apply online using their Aadhaar card or offline through Common Service Centres.
Housing for all 2022 - PMAY (Pradhan mantri awas yojana) a scheme which is for the LIG and EWS group of people where goverment is taking an initiative to provide home for all category of people in less than 5000 rs per month. Complete your survey here http://www.pradhanmantriawasyojna.com/
The document summarizes the key highlights from the Union Budget for 2018-19, including a focus on improving rural healthcare and education through programs like a health insurance program covering 50 crore people and investments in building more schools. It also outlines initiatives to boost infrastructure development, support MSMEs, and continue fiscal consolidation. Overall the budget aims to enhance welfare programs while also promoting growth through various reforms and policy measures.
National rural employment guarantee act nregajmb164
The document provides an overview of the National Rural Employment Guarantee Act (NREGA) of 2005 in India. Some key points:
- NREGA aims to provide at least 100 days of guaranteed wage employment per rural household each year.
- It requires state governments to create a Rural Employment Guarantee Scheme to implement the Act and provide public works jobs.
- Eligible works include water conservation, drought proofing, irrigation, flood control, rural infrastructure, and land development.
- The Act's success depends on widespread public awareness of rights and mobilization to demand implementation of entitlements.
Pradhan Mantri Awas Yojana (PMAY) is the Modi government's flagship housing scheme with the goal of providing housing for all by 2022. It aims to build 2 crore affordable homes across India for the urban poor, with amenities like water, electricity, and toilets. The scheme has two parts - PMAY Urban focuses on over 4,300 cities and towns, while PMAY Gramin targets rural areas excluding Delhi and Chandigarh. It will be implemented through four approaches - slum redevelopment, credit linkage, affordable housing partnerships, and individual home construction. The scheme will run from 2015-2022 in three phases, with 100 cities completed in phase 1, 200
This document discusses social security schemes in India, including for organized and unorganized sectors. It provides 3 key points:
1) Social security schemes aim to provide protection to individuals and families against economic and social distress from situations like sickness, maternity, employment injury, unemployment, old age, and death. They traditionally were the responsibility of families but formal social security emerged with industrialization.
2) Schemes for organized sector workers include ESIS, EPF, EDLI, and CGHS which provide benefits like health insurance, pension, and gratuity. Schemes for unorganized sector workers include NSAP, MGNREGA, RSBY, APY and provide social assistance, employment, and insurance.
Model Guidelines for Development and Regulation of Retirement HomesSailesh Mishra
Happy to share India's First 'Model Guidelines for Development and Regulation of Retirement Homes' by Ministry of Housing and Urban Affairs, Govt. of India.
Million Thanks to Minister Hardeep SinghPuri, Sucheta Dalal and Team Moneylife India
Original Link and Courtesy: http://mohua.gov.in/upload/uploadfiles/files/Retirement%20Model%20Guidelines%20Book.pdf
Comparison of Union Budget 2014-15, 15-16, 16-17, 17-18Shubham Singh
The document provides an overview of the key points from the Union Budget of India for multiple years. It discusses aspects like revenue and capital budgets, tax changes, subsidies, infrastructure and development allocations, banking and financial sector reforms, and social initiatives. Some highlights include increased allocation for smart cities, rural development, education and healthcare programs, tax benefits for SMEs and individuals, and recapitalization of public sector banks.
'CII - Senior Care Industry Report India 2018Sailesh Mishra
'CII - Senior Care Industry Report India 2018: Igniting potential in senior care services' May 2018. This Report was launched at 4th Edition of Global Exhibition on Services (GES) Specail Task Force meet "Senior Care, “Senior Care - Focused Group Discussion on Understanding Best Practices & India’s Way Forward: Building Partnerships & Collaborations” on 16th May 2018 at the Bombay Exhibition Centre, Mumbai, India.
THIS REPORT IS POSTED IN GOOD FAITH FOR Awareness and Dissemination. This is for NON COMMERCIAL and Educational Purpose ONLY.
The document provides an analysis of the Interim Union Budget 2019-20 presented by the Indian government. It discusses key highlights and proposals related to direct and indirect taxes. Some key points include increasing the standard tax deduction for salary income from Rs. 40,000 to Rs. 50,000. The tax exemption on notional rent is extended to a second self-occupied house. The TDS threshold for interest income from bank deposits is increased from Rs. 10,000 to Rs. 40,000. Overall, the budget aims to provide tax relief to individual taxpayers and increase spending on agriculture, infrastructure, healthcare and other social sectors.
Anisha lalu housing policy of maharashtraANISHALALU1
The document summarizes the key points of the Maharashtra State Housing Policy and Action Plan from 2015. It outlines the objectives of providing affordable housing for lower-income groups through strategies like increasing land availability, incentivizing public-private partnerships, and redeveloping existing areas. The policy reviews the previous 2007 policy and sets targets to build over 1.9 million new affordable homes by 2022 through continuous land banking, interest-only housing loans, and optimizing current land usage.
Insurance is a form of risk management where one party agrees to pay an agreed amount of money to another party in the event of a loss or damage. The key aspects of insurance include risk transfer through premium payments, hedging against contingent losses, and regulatory requirements to protect policyholders. Reforms since the 1990s have opened India's insurance sector to private companies and increased competition, leading to greater access and customer choice. Further reforms aim to strengthen regulation and increase insurance coverage, especially for health, life and small businesses. A developed insurance sector supports the economy through risk protection, long-term funding, and financial stability.
This document provides an overview of the key topics covered in the Indian union budget presented on February 1, 2018. It discusses the history of budgets in India, provides a snapshot of the budget and income tax slabs, outlines the top 5 announcements and their impacts, and other important announcements such as increased infrastructure spending and health coverage expansion. It also lists items that will increase in price due to import duty hikes and those that may decrease due to duty cuts.
The Union Budget for 2017-18 pledged relief for rural India, middle class taxpayers and small and medium-sized companies in the Union Budget 2017-18, saying the government would spend thousands of crores to double farmers' incomes, upgrade infrastructure and provide affordable housing. While unveiling the budget the Hon’ble Finance Minister emphasised that the budget is built on three pillars “Transform, Energise and Clean India”, that is, TEC India. This agenda of TEC India seeks to transform the quality of governance and quality of life of the citizens of India, energise various sections of society, especially the youth and the vulnerable sections of the society and enable them to unleash their true potential. The emphasis of TEC India is also to clean the country from the evils of corruption, black money, and non-transparent political funding. The main focus of the Budget has been to boost government expenditure in order to increase growth, and to muster employment generation.
The Finance Minister said the Indian economy was doing well despite global trends of slowing growth in other emerging economies. He also delivered a big relief to foreign portfolio investors by exempting them from indirect transfer provisions. The centre’s budget size has been pegged at Rs. 21.47 lakh crore, with an increase of 25.47 per cent in capital expenditure. As regards fiscal consolidation, the FM has targeted fiscal deficit of 3.2 per cent for 2017-18 as against earlier target of 3 per cent. For agriculture and rural sector, Mr Jaitley has increased the allocation by 24 per cent to Rs. 1.87 lakh crore for 2017-18. In the case of infrastructure, the planned public investment stood at massive Rs. 3.96 lakh crore.
We have developed an analysis of the budget, which includes opinion pieces from eminent economists and experts.
This document discusses pension reform and social security for the elderly in Lebanon. It provides an overview of Lebanon's existing Social Security Law from 1963, which provides end-of-service indemnities but no pension benefits. The document outlines proposed reforms, including converting the system to retirement pensions. It also discusses recommendations from the ILO and benchmarks different pension plan designs used in other countries. A key point is the need for a universal non-contributory basic pension plan to provide minimum income support for the elderly without other coverage.
This document summarizes and critiques the key aspects of the 2015-16 Indian Union Budget. It argues that the budget favors corporate interests and the rich over the poor in several ways. It reduces allocations for welfare programs that benefit the poor while cutting corporate tax rates. It also reduces funding for rural development, healthcare, education, and other social services. The document asserts that the budget aims to dismantle India's public distribution system and increase the burden on common people through raised service taxes. Overall, it portrays the budget as unsupportive of economic development and antipoor.
Social security in india and need of new policyAnand Rai
This explains the meaning of social security and also provides the account of social security programmes in India and their current status. This also illustrates the proposed changes in Policy as well as in structure of social security by central govt.
Healthcare delivery systems in India need a thorough look by reformist in India. Ehealth may be a probable option tool to help integrating hospital and community care
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
The budget focused on developing a 'New India' through boosts for agriculture, rural development, infrastructure, healthcare, employment and education. Key announcements included increasing MSP for crops to 1.5 times production cost, allocating Rs. 2000 crore for developing agricultural markets, and doubling allocation for food processing. The budget also proposed the world's largest government healthcare program covering over 10 crore poor families and allocating funds for rural housing and education infrastructure development. However, expectations of income tax cuts were mostly unmet with the exception of a standard deduction increase, and stock markets fell due to the announcement of a 10% tax on long-term capital gains from equities.
A Brief About Pradhan Mantri Awas YojanaAnamika Verma
The Pradhan Mantri Awas Yojana (PMAY) provides housing assistance to low-income families in India through two sub-schemes: Pradhan Mantri Awas Yojana Urban (PMAY-U) which covers over 4,331 cities and towns, and Pradhan Mantri Awas Yojana Gramin (PMAY-G) which covers rural areas excluding Delhi and Chandigarh. Eligibility for the scheme includes families earning less than Rs. 12 lakhs annually or those belonging to scheduled castes, scheduled tribes or other backward classes. Beneficiaries can apply online using their Aadhaar card or offline through Common Service Centres.
Housing for all 2022 - PMAY (Pradhan mantri awas yojana) a scheme which is for the LIG and EWS group of people where goverment is taking an initiative to provide home for all category of people in less than 5000 rs per month. Complete your survey here http://www.pradhanmantriawasyojna.com/
The document summarizes the key highlights from the Union Budget for 2018-19, including a focus on improving rural healthcare and education through programs like a health insurance program covering 50 crore people and investments in building more schools. It also outlines initiatives to boost infrastructure development, support MSMEs, and continue fiscal consolidation. Overall the budget aims to enhance welfare programs while also promoting growth through various reforms and policy measures.
National rural employment guarantee act nregajmb164
The document provides an overview of the National Rural Employment Guarantee Act (NREGA) of 2005 in India. Some key points:
- NREGA aims to provide at least 100 days of guaranteed wage employment per rural household each year.
- It requires state governments to create a Rural Employment Guarantee Scheme to implement the Act and provide public works jobs.
- Eligible works include water conservation, drought proofing, irrigation, flood control, rural infrastructure, and land development.
- The Act's success depends on widespread public awareness of rights and mobilization to demand implementation of entitlements.
Pradhan Mantri Awas Yojana (PMAY) is the Modi government's flagship housing scheme with the goal of providing housing for all by 2022. It aims to build 2 crore affordable homes across India for the urban poor, with amenities like water, electricity, and toilets. The scheme has two parts - PMAY Urban focuses on over 4,300 cities and towns, while PMAY Gramin targets rural areas excluding Delhi and Chandigarh. It will be implemented through four approaches - slum redevelopment, credit linkage, affordable housing partnerships, and individual home construction. The scheme will run from 2015-2022 in three phases, with 100 cities completed in phase 1, 200
This document discusses social security schemes in India, including for organized and unorganized sectors. It provides 3 key points:
1) Social security schemes aim to provide protection to individuals and families against economic and social distress from situations like sickness, maternity, employment injury, unemployment, old age, and death. They traditionally were the responsibility of families but formal social security emerged with industrialization.
2) Schemes for organized sector workers include ESIS, EPF, EDLI, and CGHS which provide benefits like health insurance, pension, and gratuity. Schemes for unorganized sector workers include NSAP, MGNREGA, RSBY, APY and provide social assistance, employment, and insurance.
Model Guidelines for Development and Regulation of Retirement HomesSailesh Mishra
Happy to share India's First 'Model Guidelines for Development and Regulation of Retirement Homes' by Ministry of Housing and Urban Affairs, Govt. of India.
Million Thanks to Minister Hardeep SinghPuri, Sucheta Dalal and Team Moneylife India
Original Link and Courtesy: http://mohua.gov.in/upload/uploadfiles/files/Retirement%20Model%20Guidelines%20Book.pdf
Comparison of Union Budget 2014-15, 15-16, 16-17, 17-18Shubham Singh
The document provides an overview of the key points from the Union Budget of India for multiple years. It discusses aspects like revenue and capital budgets, tax changes, subsidies, infrastructure and development allocations, banking and financial sector reforms, and social initiatives. Some highlights include increased allocation for smart cities, rural development, education and healthcare programs, tax benefits for SMEs and individuals, and recapitalization of public sector banks.
'CII - Senior Care Industry Report India 2018Sailesh Mishra
'CII - Senior Care Industry Report India 2018: Igniting potential in senior care services' May 2018. This Report was launched at 4th Edition of Global Exhibition on Services (GES) Specail Task Force meet "Senior Care, “Senior Care - Focused Group Discussion on Understanding Best Practices & India’s Way Forward: Building Partnerships & Collaborations” on 16th May 2018 at the Bombay Exhibition Centre, Mumbai, India.
THIS REPORT IS POSTED IN GOOD FAITH FOR Awareness and Dissemination. This is for NON COMMERCIAL and Educational Purpose ONLY.
The document provides an analysis of the Interim Union Budget 2019-20 presented by the Indian government. It discusses key highlights and proposals related to direct and indirect taxes. Some key points include increasing the standard tax deduction for salary income from Rs. 40,000 to Rs. 50,000. The tax exemption on notional rent is extended to a second self-occupied house. The TDS threshold for interest income from bank deposits is increased from Rs. 10,000 to Rs. 40,000. Overall, the budget aims to provide tax relief to individual taxpayers and increase spending on agriculture, infrastructure, healthcare and other social sectors.
Anisha lalu housing policy of maharashtraANISHALALU1
The document summarizes the key points of the Maharashtra State Housing Policy and Action Plan from 2015. It outlines the objectives of providing affordable housing for lower-income groups through strategies like increasing land availability, incentivizing public-private partnerships, and redeveloping existing areas. The policy reviews the previous 2007 policy and sets targets to build over 1.9 million new affordable homes by 2022 through continuous land banking, interest-only housing loans, and optimizing current land usage.
Insurance is a form of risk management where one party agrees to pay an agreed amount of money to another party in the event of a loss or damage. The key aspects of insurance include risk transfer through premium payments, hedging against contingent losses, and regulatory requirements to protect policyholders. Reforms since the 1990s have opened India's insurance sector to private companies and increased competition, leading to greater access and customer choice. Further reforms aim to strengthen regulation and increase insurance coverage, especially for health, life and small businesses. A developed insurance sector supports the economy through risk protection, long-term funding, and financial stability.
This document provides an overview of the key topics covered in the Indian union budget presented on February 1, 2018. It discusses the history of budgets in India, provides a snapshot of the budget and income tax slabs, outlines the top 5 announcements and their impacts, and other important announcements such as increased infrastructure spending and health coverage expansion. It also lists items that will increase in price due to import duty hikes and those that may decrease due to duty cuts.
The Union Budget for 2017-18 pledged relief for rural India, middle class taxpayers and small and medium-sized companies in the Union Budget 2017-18, saying the government would spend thousands of crores to double farmers' incomes, upgrade infrastructure and provide affordable housing. While unveiling the budget the Hon’ble Finance Minister emphasised that the budget is built on three pillars “Transform, Energise and Clean India”, that is, TEC India. This agenda of TEC India seeks to transform the quality of governance and quality of life of the citizens of India, energise various sections of society, especially the youth and the vulnerable sections of the society and enable them to unleash their true potential. The emphasis of TEC India is also to clean the country from the evils of corruption, black money, and non-transparent political funding. The main focus of the Budget has been to boost government expenditure in order to increase growth, and to muster employment generation.
The Finance Minister said the Indian economy was doing well despite global trends of slowing growth in other emerging economies. He also delivered a big relief to foreign portfolio investors by exempting them from indirect transfer provisions. The centre’s budget size has been pegged at Rs. 21.47 lakh crore, with an increase of 25.47 per cent in capital expenditure. As regards fiscal consolidation, the FM has targeted fiscal deficit of 3.2 per cent for 2017-18 as against earlier target of 3 per cent. For agriculture and rural sector, Mr Jaitley has increased the allocation by 24 per cent to Rs. 1.87 lakh crore for 2017-18. In the case of infrastructure, the planned public investment stood at massive Rs. 3.96 lakh crore.
We have developed an analysis of the budget, which includes opinion pieces from eminent economists and experts.
This document discusses pension reform and social security for the elderly in Lebanon. It provides an overview of Lebanon's existing Social Security Law from 1963, which provides end-of-service indemnities but no pension benefits. The document outlines proposed reforms, including converting the system to retirement pensions. It also discusses recommendations from the ILO and benchmarks different pension plan designs used in other countries. A key point is the need for a universal non-contributory basic pension plan to provide minimum income support for the elderly without other coverage.
This document summarizes and critiques the key aspects of the 2015-16 Indian Union Budget. It argues that the budget favors corporate interests and the rich over the poor in several ways. It reduces allocations for welfare programs that benefit the poor while cutting corporate tax rates. It also reduces funding for rural development, healthcare, education, and other social services. The document asserts that the budget aims to dismantle India's public distribution system and increase the burden on common people through raised service taxes. Overall, it portrays the budget as unsupportive of economic development and antipoor.
Social security in india and need of new policyAnand Rai
This explains the meaning of social security and also provides the account of social security programmes in India and their current status. This also illustrates the proposed changes in Policy as well as in structure of social security by central govt.
Healthcare delivery systems in India need a thorough look by reformist in India. Ehealth may be a probable option tool to help integrating hospital and community care
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
O documento apresenta o briefing de uma agência de publicidade para o desenvolvimento de um plano de comunicação com foco em redes sociais de imagens para a marca de moda masculina Cavalera. Contém informações sobre a empresa, o produto, o mercado de moda masculina, consumidores, distribuição, preços, concorrência e análise do mercado atual.
The document discusses the state of healthcare IT in India. It notes that India faces a demand-supply gap in healthcare as well as challenges around infrastructure, workforce shortages, and reliance on paper records. Healthcare IT spending is growing but remains low compared to other countries. Barriers to adoption include lack of funds, human resources, and strategic plans for computerization. The document calls for national standards for healthcare IT interoperability, a public healthcare information system, task forces to develop healthcare IT, and training for healthcare professionals to move the sector forward.
Microinsurance provides alternative insurance options for low-income individuals compared to conventional insurance. It is delivered through various channels directly to customers and uses innovative products like weekly premium payments and payouts for life events beyond death. The story of Jorina Bibi shows how microinsurance helped her rebuild her life and business after her husband's death, while Budi's story without insurance ended in poverty and human trafficking. Microinsurance helps vulnerable populations better withstand financial shocks and maintain their economic position.
This document provides an overview of the growing healthcare sector in India. It notes that healthcare is one of India's largest sectors in terms of revenue and employment, and is expanding rapidly. Key drivers of growth include India's large and growing population, a burgeoning middle class with more disposable income, and a rise in chronic diseases as more Indians adopt unhealthy lifestyles. The pharmaceutical industry is also emerging to help meet the country's growing healthcare needs. However, infectious diseases remain a challenge and a large portion of the population still lacks adequate access to care.
Market segmentation involves dividing a broad target market into subsets of consumers who have common needs, interests, and priorities. The key goals of segmentation are to better understand customer needs and behaviors and to design marketing strategies tailored to specific customer segments. There are several common bases used for segmentation, including demographic, geographic, psychographic, and behavioral factors. Effective segmentation provides distinct, measurable segments that are substantial in size and can be effectively targeted by a company based on its objectives and resources.
The document discusses healthcare in India, including the current state and future outlook. It notes that healthcare spending is expected to grow significantly in the coming years, reaching 7-8% of GDP by 2012. Both public and private sectors are discussed, with most healthcare currently provided privately and out-of-pocket. Rural healthcare access significantly trails urban areas. The market is seen as highly promising but still very underdeveloped and unorganized compared to other countries.
Ms. Reo Nore Pardilla of the Rural Bankers research and Development Foundation, Inc. shares recent industry trends and updates especially on tools to be used by rural banks.
The document provides an overview of India's health care delivery system. It discusses three main levels: central, state, and district/local levels. At the central level, the key organizations are the Ministry of Health and Family Welfare and the Directorate General of Health Services, which are responsible for policymaking, planning, and coordination. At the state level, each state has its own independent health care system. At the district/local level, primary health care is delivered through a three-tiered rural system of sub-centers, primary health centers (PHC), and community health centers (CHC) based on population thresholds. The PHCs act as the first point of contact between communities and medical officers.
The document discusses micro-insurance practices and prospects in India. It introduces micro-insurance and describes common product types like loan-linked insurance, health insurance, and long-term insurance. It also examines the micro-insurance supply chain and popular distribution channels in India like MFIs, NGOs/CBOs, and government programs. Loan-linked life insurance dominates the Indian micro-insurance market.
This document provides an overview of the history and development of the Indian health system. It discusses the evolution of medicine from ancient practices intertwined with religion and magic to the development of modern scientific medicine. It outlines the key systems of traditional Indian medicine including Ayurveda and Siddha. It also summarizes the current structure of healthcare delivery in India, which involves both public and private sectors, as well as traditional medicine. The government aims to improve health indicators through national health programs and policies while still facing issues with public health infrastructure and availability of staff.
This document discusses micro-insurance practices and prospects in India. It defines micro-insurance and outlines fundamental insurance principles. It describes various micro-insurance product types including loan-linked insurance, health insurance, and long-term insurance. It discusses the micro-insurance supply chain and regulatory framework in India. It also analyzes trends in the Indian micro-insurance industry, including the growing use of bancassurance and savings-linked products. The document concludes by suggesting ways that MicroSave could provide technical assistance and research to further develop the micro-insurance sector.
The document provides information on India's health system, which has three main levels: central, state, and local. At the central level, the main organizations are the Ministry of Health and Family Welfare, Directorate General of Health Services, and Central Council of Health and Family Welfare. States have independent health systems while the central government focuses on policy, planning, and coordination. At the state level in Gujarat, the key organizations are the state health ministry and departments. Districts then provide local public health administration through offices like district health offices. The document concludes with statistics about the city of Surat's municipal corporation and population.
The document provides an overview of the healthcare industry in India. It discusses various aspects of the industry including emerging diseases, infrastructure issues, the growth of the health insurance market, medical tourism, Ayurveda, surgical equipment, pharmaceuticals, and the top pharmaceutical companies. It also includes survey results on perceptions of healthcare infrastructure and recommendations to improve the industry.
The document provides an overview of services marketing concepts including:
1) It defines services and identifies key differences between goods and services such as intangibility, perishability, and simultaneous production and consumption.
2) It introduces the services marketing triangle and expanded 7Ps marketing mix framework for services.
3) It discusses models for understanding service quality like the gaps model and challenges in consumer behavior related to services like higher perceived risk and difficulty evaluating service alternatives.
The document discusses the insurance industry in India. It provides definitions of key insurance terms and describes the different types of public and private insurance. It also outlines the major types of insurance coverage available for individuals and businesses. The document summarizes the current state of the insurance industry in India and initiatives by the government to expand insurance coverage. It predicts continued strong growth in the future as incomes rise and more Indians gain access to insurance products.
The insurance industry in Bangladesh has grown modestly over time. It currently contributes 0.4% to Bangladesh's GDP, with life insurance contributing 0.29% and non-life contributing 0.11%. While some insurance began under British rule in the 1900s, the industry was nationalized in the 1970s and 1980s before private insurers emerged. Several laws and acts now regulate the industry, which is overseen by the Insurance Development and Regulatory Authority. There are opportunities for growth through increasing awareness, expanding coverage areas, and developing the economy, but challenges include weak economic conditions, a lack of capital and technology, and low public awareness of insurance.
This document summarizes the different types of microinsurance products available in India. It identifies 4 main categories: 1) Products registered as microinsurance with IRDA, which are primarily sold by life insurers to rural customers. 2) Rural and social products not registered as microinsurance that make up the bulk of policies sold. 3) Community-based products developed in partnership with insurers that are more responsive to local needs. 4) Independent community microinsurance schemes run by health providers or mutuals that focus on specific regions. Overall, the document finds that while India has many microinsurance experiments, regulation has only addressed certain types of providers and more flexibility is needed to support diverse models.
Designing training program for max new york lifeTanuj Poddar
Max New York Life provides extensive training programs for its agents over 2 years to ensure they have the skills and knowledge to properly advise customers. The document outlines Max New York Life's new employee orientation program which includes HR training, product training, and system training over 2 weeks or 152 hours. It also discusses the eligibility criteria used to select agents and the types of ongoing training programs provided to agents, including agency training, HR training, system training, and operations training. The goal of Max New York Life's thorough training approach is to develop high quality agents and financial advisors.
Insurance, Sector History, FDI in Insurance, Government Role in Insurance, Industry Growth Pattern, Challenges of Insurance Market, Foreign Direct Investment in Insurance
The document discusses the insurance sector in India. It begins by defining insurance and explaining its importance. It then outlines the history of the insurance sector in India, noting that it was previously state-run by LIC and GIC until 2000 when the sector was opened to private companies. The document discusses key players in the life and non-life insurance sectors. It also examines factors driving growth in the sector and emerging areas like pension plans. Finally, it outlines changes and trends in the sector from price, customer service, and promotion perspectives and envisions the future of insurance in India in the 21st century.
The document provides an overview of the life insurance and financial planning industry in India. It discusses key topics such as the historical development of the insurance sector, current regulatory framework, major players and their market shares, various insurance products offered, and distribution channels. The industry is set for rapid growth in the coming years driven by increasing incomes, financial awareness and the entry of private players. Customer service and use of new distribution channels like bancassurance are becoming important for companies to succeed in this competitive environment.
- Life insurance first came to India in 1818 from England. The Oriental Life Insurance Company was the first insurer in India.
- Key legislation around insurance was passed in 1912 and 1956, leading to the creation of LIC as a state-owned monopoly insurer.
- Today, LIC remains the largest insurer in India with over 180 million policies, 2048 branches, and revenues of over $173 billion USD, though its market share has declined with privatization and competition from other insurers.
The document provides an overview of the insurance sector in India. It discusses the origin and history of insurance in India, from the establishment of the first insurance companies in the 1800s to the nationalization of the industry and its recent liberalization. It also defines the concept of insurance, classifies the different types of insurance, and outlines some of the major players and trends in the Indian insurance market.
This document provides an overview of India's insurance industry. It discusses key metrics like premium growth rates and penetration rates in India compared to other markets. It outlines factors affecting industry growth and summarizes the effects of nationalizing the insurance sector in India. The document also profiles the top players in India, describes various insurance types and distribution channels, and discusses models like bancassurance. Finally, it provides projections for future growth of India's insurance industry.
The document discusses the history and development of insurance in India. Some key points:
- Insurance originated around 4,500 years ago in Babylonia and the first modern insurance company was established in London in 1688.
- Life insurance came to India in 1818 through British companies but the first Indian life insurer was established in 1870.
- Post-independence, the life insurance sector was nationalized in 1956 with the formation of LIC. General insurance was nationalized in 1972.
- Reforms began in 1993 and the insurance sector was opened to private players in 2000 with the establishment of the regulatory body IRDA.
- IRDA regulates and promotes the insurance industry in India and specifies
This document provides an overview of insurance products in India. It discusses the definitions of insurance, the regulatory body IRDAI, and the major players in life and general insurance - LIC, GIC and their subsidiaries. It also summarizes various life insurance products like children's plans, pension plans, whole life plans, and unit plans. For general insurance, it briefly covers types like motor insurance, health insurance, home insurance, marine insurance, travel insurance, and commercial insurance.
The insurance sector in India is the fifth largest globally and is growing at a rate of 32-34% annually. There are 57 insurance companies in India, with 24 in life insurance and 34 in general insurance. Key players include LIC, HDFC Life, ICICI Prudential Life, SBI Life, and Bajaj Allianz Life for life insurance, and GIC, ICICI Lombard, AIC, Bajaj Allianz General, and National Insurance for general insurance. The sector is driven by low insurance penetration, government initiatives like PMJJBY and PMSBY, and growth in sectors like automotive and health insurance. The future outlook remains positive due to these factors and increasing digital adoption
- Life insurance first came to India from England in 1818, with the Oriental Life Insurance Company starting as the first life insurer.
- The Insurance Act of 1912 was passed to regulate the insurance business, requiring actuarial certification of premium rates and valuations.
- The LIC Act was passed in 1956 leading to the nationalization of the insurance industry and creation of LIC as a statutory body.
- Today, LIC dominates the Indian life insurance market as the largest insurer, though private players have gained significant share in recent years.
- Life insurance first came to India from England in 1818, with the Oriental Life Insurance Company starting as the first life insurer.
- The Insurance Act of 1912 was passed to regulate the insurance business, requiring actuarial certification of premium rates.
- The LIC Act was passed in 1956, creating LIC as a state-run monopoly provider of life insurance in India. LIC started with 5 zones, 33 divisions, and over 200 branch offices.
- Today, LIC has over 2000 branch offices, over 100 divisional offices, and 8 zonal offices, with a network of over 1.2 million agents. It remains the largest life insurer in India though its monopoly has ended.
Micro insurance in Indian perspective (By Ashish Sartape)Ashish Sartape
- 90% of Indians lack insurance coverage, highlighting the importance of microinsurance.
- Microinsurance began in India in the 19th century and was nationalized in 1956 before being liberalized in the 1990s.
- Microinsurance is defined as low-cost insurance for low-income individuals and covers products like health, life, crops and livestock.
- Major providers of microinsurance in India include LIC, ICICI Prudential and HDFC Standard.
Insurance industry of the all information is given in the ppt-1.pptxaniketsawant8003
The document provides information about the insurance industry in India. It discusses that the insurance industry is experiencing upward growth attributed to growing incomes and awareness. It notes that India is the fifth largest life insurance market. It outlines that there are 57 insurers in India, including 24 life insurers and 34 non-life insurers. It also discusses the evolution of the insurance industry in India from ancient times to modern regulations. In addition, it summarizes recent developments in the sector including new partnerships and product launches. Finally, it provides overviews of SBI Life Insurance, ICICI Prudential Life Insurance, and some of their term insurance policies.
1. Actuarial Society 2015 Convention 17 – 18 November 2015
Microinsurance in India
Mayur Ankolekar FIAI, FIA, FCA
Consulting Actuary
2. Actuarial Society 2015 Convention 17 – 18 November 2015
Agenda
1. The Indian insurance market
2. Social Security, Social Insurance and Microinsurance – an Indian standpoint
3. Regulation in India
a) Rural and Social Sector Obligations of Indian Commercial Insurers
b) MI Regulations, 2005 and MI Regulations, 2015
4. Microinsurance delivery models
5. Situating social insurance, microinsurance, micro-pension in India’s social
protection
a) ‘Public-Private-Partnerships’ in India’s Social Protection – WBCIS & RSBY
b) Recent Government Initiatives In MI - PM Jan Dhan Yojana and Jansuraksha Yojanas
c) New Universal Pension Scheme - Atal Pension Yojana (APY)
6. Evaluating the initiatives
7. Recap and Conclusion
2
3. Actuarial Society 2015 Convention 17 – 18 November 2015
The Indian insurance market
Indian Insurers
24 Life Insurers
(1 state owned)
28 General Insurers
(4 state owned)
Regulated by
Insurance Regulatory
and Development
Authority (IRDA)
3
4. Actuarial Society 2015 Convention 17 – 18 November 2015
The Microinsurance Market in India
Microinsurance
Social Protection
&
Microinsurance
Very Low Income < $1 per day
Middle Income $2-6 per day
Low Income $ 1- 2 per day
Upper Income > $6 per day
India is arguably the largest microinsurance market in the world
Evidence points to increasing activity in formal and informal sectors
• 65% of the 1.25 billion
population are under 35
years
• 65% resides in villages,
small farmers dominate
• Close to 1 billion mobile
phone connections
4
5. Actuarial Society 2015 Convention 17 – 18 November 2015
Huge Scope for Microinsurance
intervention in India
• About 42% or 100 million households in India have no access to
banking facilities (2015 release of the Ministry of Finance).
• About 45% of 168 million rural households and 33% of 79 million
urban households do not have bank accounts.
• In urban areas, insurance penetration in the market is approx 65
% and is much less in the low-income unbanked segment.
• In rural areas, life insurance penetration in the banked segment
is estimated at 40%, and is marginal in the unbanked segment.
5
6. Actuarial Society 2015 Convention 17 – 18 November 2015
Agenda
1. The Indian insurance market
2. Social Security, Social Insurance and Microinsurance – an Indian standpoint
3. Regulation in India
a) Rural and Social Sector Obligations of Indian Commercial Insurers
b) MI Regulations, 2005 and MI Regulations, 2015
4. Microinsurance delivery models
5. Situating social insurance, microinsurance, micro-pension in India’s social
protection
a) ‘Public-Private-Partnerships’ in India’s Social Protection – WBCIS & RSBY
b) Recent Government Initiatives In MI - PM Jan Dhan Yojana and Jansuraksha Yojanas
c) New Universal Pension Scheme - Atal Pension Yojana (APY)
6. Evaluating the initiatives
7. Recap and Conclusion
6
7. Actuarial Society 2015 Convention 17 – 18 November 20157
Difference between commercial/
conventional insurance and social
insurance & social security lies in:
Who pays the premium:
Govt. or Subscriber?
Who underwrites the risk:
Govt. or Insurer?
• Government insures the risk itself – no insurer
• E.g. Mahatma Gandhi National Rural Employment Guarantee
Act (guarantees 100 days of wage employment)
Social Security
Schemes
• Government subsidises the premium, underwriter is the insurer
• E.g. Aam Admi Bima Yojana: Government subsidised personal
accident insurance
Social (micro)
insurance schemes
• Entirely contributory with very limited direct subsidy
• E.g. Pradhan Mantri Suraksha Bima Yojana (Personal Accident
insurance)
Micro-insurance
Social Security, Social Insurance and
Microinsurance – an Indian standpoint
8. Actuarial Society 2015 Convention 17 – 18 November 2015
Potential Microinsurance Intervention
8
Social assistance
Formal Private &
Public Systems
Informal Systems
Co operative
Systems/ CBHI
Self-help groups
• Alters Financing Mix
• Reduces pressure on Social Security
• Releases Fiscal Space
• Creates sustenance of SP Programs
• Builds capacity
• Develops Financial Markets
Regulation
Minimum Standards
e.g. Wage rate, labour protection,
Health & Safety
Includes cash
transfer, health,
education
Role of microinsurance in social protection
9. Actuarial Society 2015 Convention 17 – 18 November 2015
The social protection strategy of
the Government of India
9
Article 41 of the constitutional
Directive Principles of State
Policy
“The State shall, within the limits
of its economic capacity and
development, make effective
provision for securing the right
to work, to education and to
public assistance in cases of
unemployment, old age,
sickness and disablement, and
in other cases of undeserved
want.”
• Indian system characterised by
social assistance, welfare & social
sector development programmes /
schemes
• Federal structure leads to overlaps &
fragmented initiatives
• Various ministries, welfare boards, &
departments are involved
• Serious gaps exist in social protection
policy for the informal economy
10. Actuarial Society 2015 Convention 17 – 18 November 2015
Agenda
1. The Indian insurance market
2. Social Security, Social Insurance and Microinsurance – an Indian standpoint
3. Regulation in India
a) Rural and Social Sector Obligations of Indian Commercial Insurers
b) MI Regulations, 2005 and MI Regulations, 2015
4. Microinsurance delivery models
5. Situating social insurance, microinsurance, micro-pension in India’s social
protection
a) ‘Public-Private-Partnerships’ in India’s Social Protection – WBCIS & RSBY
b) Recent Government Initiatives In MI - PM Jan Dhan Yojana and Jansuraksha Yojanas
c) New Universal Pension Scheme - Atal Pension Yojana (APY)
6. Evaluating the initiatives
7. Recap and Conclusion
10
11. Actuarial Society 2015 Convention 17 – 18 November 2015
Regulations in India
11
Government and IRDA has taken the following regulatory measures:
• Required obligations: ‘Rural areas and the social sector’ obligations for the
private insurance industry
• Regulatory updates: IRDA Microinsurance Regulations, 2005 & IRDA
Microinsurance Regulations, 2015
• Agents: Legalising new micro insurance delivery channels / agents such as
self-help groups (SHGs), NGOs, and MFIs
• Holistic model: Officially incorporated insurance into social protection as a
risk management mechanism for the larger population
• Private Public Partnerships: Entering into various PPP agreements between
the Indian government and the insurance industry
12. Actuarial Society 2015 Convention 17 – 18 November 2015
Microinsurance Regulations, 2005
• Distribution
• Design
• Issuance of policy contracts
Product
guidelines
• Appointment, Remuneration, Code of conduct, Capacity Building etc
• A micro insurance agent shall not distribute any insurance product
other than a microinsurance product
Agents
• A life insurer may offer general microinsurance products & vice versa
Life & non-life
tie-ups
• Links to the ‘Obligation to Rural and Social sectors’
• Microinsurance policies issued eligible to be reckoned for social
sector obligations
Required
obligations
12
13. Actuarial Society 2015 Convention 17 – 18 November 2015
Capacity building exercises expanded
•Additional 25 hours of training for micro agents licensed to distribute general
insurance MSME policies
•Refresher training in three years
Appointment of Micro agents expanded viz.
Tie ups with AIC and health insurers permitted
Minimum of 5 (from previous 20) for group policies
Definition of micro-agents expanded with inclusion of-
•Regional Rural banks
•Primary agricultural and other co-operative Societies
•Bank correspondents of scheduled commercial banks (promoting the banking
sector’s role)
Changes in Microinsurance Regulations
(2015)
13
14. Actuarial Society 2015 Convention 17 – 18 November 2015
Increase in maximum amount of cover
Addition of Schedule III, which outlines-
•New features permitted in micro-insurance products
•Provision of instalments
•Regulation on discontinuance of policies
•Prohibition on offering unit linked platform
•Withdrawal of non-compliant products
Inclusion of MSME sector
General insurance policies issued to MSMEs will qualify as general microinsurance
business, subject to certain conditions
Changes in Microinsurance Regulations
(in 2015)
14
15. Actuarial Society 2015 Convention 17 – 18 November 2015
Introducing ‘Rural and Social Sector
Obligation’
Life Insurers
should:
Cover a certain
% of the total
number of
policies in rural
areas
Insure a given
number of lives in
the social sector
Non-Life Insurers
should:
Cover a certain %
of the gross
underwritten
premium (GWP) in
rural areas
Insure a given
number of lives in
the social sector
Insurance Bill draft, 15th Lok Sabha
Increasing Insurance Penetration in Rural and to Economically Weaker Sections
• Commenced in 2000 – when insurance
industry opened up to private players
• The obligations have been stipulated for
insurers based on the time completed
after starting business but computed on
the basis of business procured in the
preceding year
• Fully subsidised schemes, AIC and ECGC
excluded from regulation, otherwise no
distinction between private / public
• Health insurers will have to achieve 50% of
the non-life insurers obligations
• Penalties are levied for non-compliance
• Fine,
• Cancellation of license.
15
16. Actuarial Society 2015 Convention 17 – 18 November 2015
Industry
overview from
2007-10:
Life Insurance
Rural Sector: 27.2%
of the total no. of
policies
Social Sector:
21.8 million lives
General
Insurance
Rural Sector:
12.94% of gross
premium
underwritten
Social Sector: 9.5
million lives
Source: Insurance Bill draft, 15th Lok Sabha
Targets met under ‘Rural and Social
Sector Obligation’
16
17. Actuarial Society 2015 Convention 17 – 18 November 2015
Agenda
1. The Indian insurance market
2. Social Security, Social Insurance and Microinsurance – an Indian standpoint
3. Regulation in India
a) Rural and Social Sector Obligations of Indian Commercial Insurers
b) MI Regulations, 2005 and MI Regulations, 2015
4. Microinsurance delivery models
5. Situating social insurance, microinsurance, micro-pension in India’s social
protection
a) ‘Public-Private-Partnerships’ in India’s Social Protection – WBCIS & RSBY
b) Recent Government Initiatives In MI - PM Jan Dhan Yojana and Jansuraksha Yojanas
c) New Universal Pension Scheme - Atal Pension Yojana (APY)
6. Evaluating the initiatives
7. Recap and Conclusion
17
18. Actuarial Society 2015 Convention 17 – 18 November 2015
MI delivery models
18
Self-insurance
Community-
based, informal
insurance
Co-operatives,
formal insurance
In-house & full-
service providers
(mostly for health)
Partnership with a
licensed (private)
insurer
NGOs / MFIs /
trade unions
Retailers or over-
the-counter
selling
Technology (e.g.
mobile phones,
call centres, smart
cards/ATM etc)
• Partner-agent model involves MI
delivery channels including the
civil society sector
• New MI delivery channels (e.g.,
shopkeepers, mobile phone
providers) that cater to individual
clients are becoming increasingly
important
• However, still a limited support
structure available
• The partner-agent model that the
IRDA promotes neglects the latter
models in which NGOs or
community-based groups
independently operate insurance
services
19. Actuarial Society 2015 Convention 17 – 18 November 2015
Agenda
1. The Indian insurance market
2. Social Security, Social Insurance and Microinsurance – an Indian standpoint
3. Regulation in India
a) Rural and Social Sector Obligations of Indian Commercial Insurers
b) MI Regulations, 2005 and MI Regulations, 2015
4. Microinsurance delivery models
5. Situating social insurance, microinsurance, micro-pension in India’s social
protection
a) ‘Public-Private-Partnerships’ in India’s Social Protection – WBCIS & RSBY
b) Recent Government Initiatives In MI - PM Jan Dhan Yojana and Jansuraksha Yojanas
c) New Universal Pension Scheme - Atal Pension Yojana (APY)
6. Evaluating the initiatives
7. Recap and Conclusion
19
20. Actuarial Society 2015 Convention 17 – 18 November 2015
Situating Social Insurance in India’s
Social Protection
‘Public-Private-Partnerships’ in Indian Social Insurance
Schemes
20
Weather Based Crop Insurance
Scheme
• Developed originally by the private
sector, then adopted by the State and
subsidized in 2007.
• From 2009-2010, private sector firms
were allowed to compete with the
public insurer AIC to offer subsidized
WBCIS products at a state level.
• 34,136,419 farmers covered and 46
million hectares insured as of May, 2015
Rashtriya Swasthya Bima Yojana
(National Health Insurance
Scheme)
• Implemented by different insurers in
different districts.
• Governments have been easily able to
shift contracts between commercial
insurers and thus, competition allows
the government to drive the
programme at low cost.
• 36,307,787 families below the poverty
line (BPL) covered i.e. around 50.1% of
BPL families as of 19th October, 2015
21. Actuarial Society 2015 Convention 17 – 18 November 2015
PMJDY
(Social Security
through
Financial
inclusion)
Pradhan Mantri
Suraksha Bima
Yojana
(banking &
financial
inclusion)
Atal Pension
Yojana
(retirement)
Pradhan Mantri
Jeevan
Jyoti Bima
Yojana
(life insurance)
The insurance trio
21
22. Actuarial Society 2015 Convention 17 – 18 November 2015
• National Mission on Financial Inclusion: integrated
approach for comprehensive financial inclusion of all
Indian households
• Initiated on 28th August, 2014
• The beneficiaries would get RuPay Debit card having
built-in accident insurance cover of र 1 lakh
• Similar to South Africa’s Mzansi bank account initiative
• 188.6 million accounts opened up to 19th October, 2015
Situating Microinsurance in India’s
Social Protection
Pradhan Mantri Jan Dhan Yojana (PMJDY)
No. of participating banks:
27 Public Sector Banks
22 Regional Rural Banks
13 Private Sector Banks
Public sector
Rural Regional Banks & Co-ops
Private sector
22
23. Actuarial Society 2015 Convention 17 – 18 November 2015
Scheme
Name
Rural Male
Rural
Female
Urban
Male
Urban
Female
Total
PMJJBY 8,919,861 5,475,385 8,939,271 5,039,101 28,373,618
PMSBY 27,634,391 18,101,895 26,933,850 15,754,235 88,424,371
Total
36,554,252 23,577,280 35,873,121 20,793,336 116,797,989
Enrolment under PMJJBY & PMSBY as
of 19th Oct, 2015
23
24. Actuarial Society 2015 Convention 17 – 18 November 2015
Agenda
1. The Indian insurance market
2. Social Security, Social Insurance and Microinsurance – an Indian standpoint
3. Regulation in India
a) Rural and Social Sector Obligations of Indian Commercial Insurers
b) MI Regulations, 2005 and MI Regulations, 2015
4. Microinsurance delivery models
5. Situating social insurance, microinsurance, micro-pension in India’s social
protection
a) ‘Public-Private-Partnerships’ in India’s Social Protection – WBCIS & RSBY
b) Recent Government Initiatives In MI - PM Jan Dhan Yojana and Jansuraksha Yojanas
c) New Universal Pension Scheme - Atal Pension Yojana (APY)
6. Evaluating the initiatives
7. Recap and Conclusion
24
25. Actuarial Society 2015 Convention 17 – 18 November 2015
What is different in the current MI
initiatives?
Move from
‘Subsidised
Premium’ to
‘Self-Contributory
Insurance’
There is a focus on smarter subsidies, which
work on the design of the schemes, price
regulation and ensuring access through
the bank network.
Though Aam Aadmi Bima Yojana was a
fully subsidised scheme, only 20 million
subscribers opted as compared with 117
million subscribers (within 4 months) for
PMSBY and PMJJBY contributory schemes.
25
26. Actuarial Society 2015 Convention 17 – 18 November 2015
Situating micro-pension in India’s social
protection
THE GREAT INDIAN PENSION PROBLEM
26
With a ‘formal sector
first approach’, the
statutory pensions
initiatives have
actively targeted the
organised sector,
which constitutes ~7%
of the working
population
The unorganized
sector, which
constitutes the
remaining 93% of the
working population,
lack formal pension
provision
27. Actuarial Society 2015 Convention 17 – 18 November 2015
Background of APY:
New Universal Pension Scheme
27
National
Pension
System (NPS)
• Introduced in 2004 for
new entrants to
Central Government
service, except for the
Armed Forces
• NPS was then opened
to all citizens from 1st
May, 2009 on a
voluntary basis
NPS -
Swavalamb
an (NPS-S)
launched in
2010
• Voluntary pillar of NPS
was extended to
cover the unorganised
sector
• Temporary subsidy
provided when
member contributes
towards NPS-S
Atal Pension
Yojana
(APY)
launched in
2015
• Successor of NPS-
Swavalamban
• The embedded
effective interest rate
for a 18 year old
entrant is 6.8% p.a
• The older a subscriber,
the lower the
guaranteed rate of
return
28. Actuarial Society 2015 Convention 17 – 18 November 2015
Atal Pension Yojana
28
• A mandatory, publicly managed, tax-
financed pillar for social insurancePillar 1
• A mandatory, privately managed, fully
funded pillar for old age savingsPillar 2
• A voluntary pillar for those who want
more protection in their old age (APY fits
here)
Pillar 3
World Bank’s ‘Three Pillar System’
29. Actuarial Society 2015 Convention 17 – 18 November 2015
Analysis: Are the Rural & Social
Sector Obligations achieved?
Study across the commercial sector
• 8 life insurers and 8 general insurers analysed
• Year 2010-11 to 2014-15
• Hypothesis testing, rural sector performance & qualitative analysis
• Findings:
• 6 Life insurers and 0 non-life insurers participate in microinsurance
• Only 2 out of the 8 companies viz. Bajaj Allianz and ICICI Lombard
undertook crop/ weather-index based insurance
• The ratio of ‘Rural average premium/ Urban average premium’ crossed
100% (i.e. 5 of 8 general insurers)
• Bajaj Allianz considered gross premium inclusive of renewal premium for
‘Rural & Social sector’ obligations, i.e. lack of uniformity with industry which
considers only new business
• Motor OD, followed by Motor TP is the highest contributing LOB for rural
sector obligations for 5 of 8 general insurers
• The role of micro-agents is negligible
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30. Actuarial Society 2015 Convention 17 – 18 November 2015
Analysis of 5 year “Rural Sector”
performance
Life Insurer
Rural
average
premium
Urban
average
premium
Rural
average SA
Urban
average SA
LIC 55.73% 38.42%
ICICI Prudential 3.42% 4.08%
Kotak 28.42% 28.53%
HDFC Standard 1.96% 1.88%
Birla Sun 0.23% 1.55%
Max 69.52% 62.51%
SBI 71.88% 70.47%
Bajaj Allianz* 70.47% 55.59%
Non-Life Insurer
Rural
average
premium
Urban
average
premium
New India** 120%
ICICI Lombard 233.89%
IFFCO Tokio* 112.9%
HDFC Ergo 90.13%
Tata AIG 115.03%
Reliance* 85.4%
SBI 58.24%
Bajaj Allianz* 190%
*Data not available for one year **Data not available for two years
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31. Actuarial Society 2015 Convention 17 – 18 November 2015
Pension scheme for
Self Help Groups
(90% of the BPL
families are covered
under SHGs)
Co-contributory
micro-pension for Rs1
per day , wherein
government matches
the contribution
DB + DC pension
Pension amount
depends on age of
entry
(min Rs 500 &
max Rs 2,118)
Janashree Bima
Yojana – Personal
Accident policy
Principle of return of
capital (Return of
capital after lapse/
closure of annuity)
Scholarship for
subscribers’ children
(of Rs100 p.m.)
Who is eligible?
White ration card
holders (Both rural
and urban)
18-59 year old
Eligibility for pension
benefit:
Member of SHG for at
least a year
Paid min contribution
for 10 years or has
accrued
accumulated fund of
Rs. 3,650/-
Informal sector case study:
Pension scheme
The state government of Andhra Pradesh introduced Abhaya
Hastham pension scheme in 2009 for self-help groups.
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32. Actuarial Society 2015 Convention 17 – 18 November 2015
Analysing the demand for
micro-insurance
90% of the respondents said they would
continue in the scheme even if the
subsidy was not available
The overall satisfaction about the
scheme is good as 80% respondents said
performance was ‘very good’/ ‘good’.
94% of the respondents said ‘they would
recommend’ the scheme.
The Dropout rate is 12% mainly due to:
• Lack of cash amongst members
• Lack of trust due to long gestation
period
• Migration
• Death
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33. Actuarial Society 2015 Convention 17 – 18 November 2015
Product type In-patient health, mandatory, group, credit- and non-credit linked
Distribution MFIs, Self Help Groups, Co-ops
Targeted segment Mostly urban population, Pune and Mumbai, slum dwellers, microcredit
clients, also now tribal areas in Rajasthan
Eligibility criteria Membership with delivery channel partner, family of 4, no age limits
Enrolment Voluntary at a group level, often linked to loans (less to savings)
Coverage • Hospitalisation cover, only complex maternity (
• 10 days pre and post hospitalisation (drugs included)
• Discounts for OPD
• INR 15,000 for IP, sub-limits pre and post IP
• Reimburse 80-100% in public hospitals, 60% in network hospitals
• Exclusions validated by the community
• Minimum 24 hours hospitalisation
• 3 year renewal necessary for pre-existing conditions
Value-added
services
Health camps and health awareness campaigns, 24/7 call centre for
health counselling, referral system, one free health check up per year,
Investigation centres and medical shops offer low-cost services
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Case study – uplift health mutual scheme, pune
34. Actuarial Society 2015 Convention 17 – 18 November 2015
Premium p.a. INR 100-150 per person p.a., options to pay in instalments)
Proximity • Service agents visits at doorstep
• Health care providers are chosen by minimum service
requirements, cost and location
Claim processing
procedures
Reimbursement basis but clear guidance for communities.
Uplift processes claims, community disburses and
maintains IT system/ records
Claim processing time 1 month TAT with 9% rejection rate, web-based IT system
to process claims
Cost structure and controls 60% claims ratio, accurate adverse selection and fraud
measures; expenses subsidized by a donor
Policy administration One month to issue a card and distribute discount coupons
Education system Information sessions and training to new groups, constant
support by Uplift staff, self-education through fund
management by members equipped with guidelines and
documents
Performance Indicators Approx 200,000 lives
80% claims ratio, 5% rejection, 70% renewals
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Uplift health mutual scheme, contd.
35. Actuarial Society 2015 Convention 17 – 18 November 2015
Agenda
1. The Indian insurance market
2. Social Security, Social Insurance and Microinsurance – an Indian standpoint
3. Regulation in India
a) Rural and Social Sector Obligations of Indian Commercial Insurers
b) MI Regulations, 2005 and MI Regulations, 2015
4. Microinsurance delivery models
5. Situating social insurance, microinsurance, micro-pension in India’s social
protection
a) ‘Public-Private-Partnerships’ in India’s Social Protection – WBCIS & RSBY
b) Recent Government Initiatives In MI - PM Jan Dhan Yojana and Jansuraksha Yojanas
c) New Universal Pension Scheme - Atal Pension Yojana (APY)
6. Evaluating the initiatives
7. Recap and Conclusion
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36. Actuarial Society 2015 Convention 17 – 18 November 2015
Recap and Conclusion
1. The recent government initiatives resulted in a change in the
mind-set of the people regarding insurance (“contributory ok”)
2. RSBY (the universal PPP operated health insurance scheme) is a
successful social insurance programme, which achieved
extensive coverage with bio-metric identity
3. WBCIS, also a subsidized (social) insurance programme, is fraught
with usual design problems around crop insurance e.g. basis risk
4. The commercial sector’s participation has not resulted in any
significant impact as can be seen from the results of rural and
social sector obligations
5. Informal schemes are successful as they capitalize on social
capital, but need institutional leadership.
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37. Actuarial Society 2015 Convention 17 – 18 November 2015
Recap and Conclusion .. Contd.
1. Clear and differentiated role for social insurance and micro
insurance
2. Regulations on commercial insurers has not provided the
desired results on ‘micro insurance’
3. ‘Smart subsidy’ design to provide an exit to government
sponsored schemes
4. Using technology-driven aggregators is essential to generate
volumes
5. Scope for various players to perform viz. formal and informal
6. Micro-Pension is necessarily a technology driven product
7. Fragmentation and overlap is an issue, especially in a federal
political system.
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38. Actuarial Society 2015 Convention 17 – 18 November 201538
Questions?
Mayur Ankolekar
mayur.ankolekar@ankolekar.in
T: + 91 22 6556 3132