Micro insurance products are small sum coverage for
economically weaker sections. Both life insurance industry and general insurance
industry have got their own micro insurance products. There is also provision
to include life insurance benefits in non-life product and vice versa. A
separate set of IRDA Regulations cover micro insurance.
These products are sold by micro insurance agents, who are
specifically licensed to solicit and procure micro insurance business.
Micro insurance products have mode of premium payment very
convenient like monthly or fortnightly or weekly. Death claims are settled very
quickly. Micro insurance is of comparatively recent origin as a business
concept and is a method to ensure inclusive growth of insurance business.
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