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Financial Tools &
Life insurance is a security everyone person deserve to have. However, due to financial constraints, many individuals cannot buy insurance for themselves and their families. Micro Life insurance plans, which are comparatively newer insurance type, are specially designed to cater to those with low income.
Shriram Jana Sahay is a non linked and non participating
yearly renewable group term micro insurance product. The
product aims to provide financial security to the
families of members of unorganized groups or affinity
groups in case of death.
Shri Sahay is a Micro Insurance plan that will give life
cover for socially weaker section."Socially Weaker
Section" includes self employed workers such as
agricultural laborers, bidi workers, carpenters etc. and
persons who live below the poverty line.
Shriram Grameena Suraksha is a non linked non
participating term insurance plan. The plan is a micro
insurance term plan and provides life cover at a low cost
to the socially weaker sections of the society.
Life insurance is a security everyone person deserve to have.
However, due to financial constraints, many individuals cannot buy
insurance for themselves and their families. Micro Life insurance
plans, which are comparatively newer insurance type, are specially
designed to cater to those with low income.
These plans, unlike a typical social commercial life insurance policy, offer assistance to families with lesser savings. This type of insurance plans caters to the requirements of people with lower incomes and offers them protection. These plans offer low coverage or caps to the policyholder. In these plans, the amount of premiums to be paid is very low. It is usually a life insurance policy with an assured sum of Rs. 50,000 or less. Here the policyholder can also avail other facilities such as protection against accident, partial disability benefit as well as death benefit.
There are three kinds of intermediaries, which are required for doing the micro insurance; these are Non-Government Organisations, Self-Help Groups and the Micro-Finance Institutions
The Insurance Regulatory and Development Authority (IRDA) have created it as a special category in order to aid the economically weak section of society and to promote the concept of insurance amongst them. Because of the lower rates of premiums, the insurance companies sometimes have to spend more on distribution costs than amount earned through premiums.
Revenue in Cr
Total Number Of Lives