micro insurance product in india

8/7/2019 micro insurance product in india

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There are 23 life insurance companies are present in India but only 14 companies are providing micro insurance products this

clearly give an idea of low attraction of majority of companies towards these products. Below is the list of micro insurance products

along with the name of companiesMicro Insurance Products in India

Financial Year Name of the Product

2007-08 Bajaj Allianz Jana Vikas Yojana

2007-08 Bajaj Allianz Saral Suraksha Yojana

2007-08 Bajaj Allianz Alp Nivesh Yojana

2007-08 Grameen Suraksha

2007-08 Birla Sun Life Insurance Bima Suraksha Super

2007-08 Birla Sun Life Insurance Bima Dhan Sanchay

2008-09 ICICI Pru Sarv Jana Suraksha

2007-08 ING Vysya Saral Suraksha

2006-07 LIC's Jeevan Madhur

2009-10 LIC's Jeevan Mangal

2008-09 Met Vishwas

2007-08 SBI Life Grameen Shakti

2007-08 SBI Life Grameen Super Suraksha

2006-07 Ayushman Yojana

2006-07 Navkalyan Yojana

2006-07 Sampoorn Bima Yojana

2008-09 Tata AIG Sumangal Bima Yojana


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2006-07 Sahara Sahayog (Micro Endowment Insurance without profit plan)

2008-09 IDBI Fortis Group Microsurance Plan

2008-09 DLF Pramerica Sarv Suraksha

Microinsurance productsMicroinsurance, like regular insurance, may be offered for a wide variety of risks. These includeboth health risks (illness, injury, or death) and property risks (damage or loss). A wide variety of microinsurance products exist to address these risks, including crop insurance, livestock/cattleinsurance, insurance for theft or fire, health insurance, term life insurance, death insurance,disability insurance, insurance for natural disasters, etc.

Life Insurance Corporation of India (LIC)was established on 1 September 1956 to spread themessage of life insurance in the country and mobilise peoples savings for nation-building activities. with its central office in Mumbai and seven zonal offices at Mumbai, Calcutta, Delhi, Chennai, HyderaKanpur and Bhopal, operates through 100 divisional offices in important cities and 2,048 branch offiLIC has 5.59 lakh active agents spread over the country.The Corporation also transacts business abroad and has offices in Fiji, Mauritius and United Kingdom. is associated with joint ventures abroad in the field of insurance, namely, Ken-India Assurance CompaLimited, Nairobi; United Oriental Assurance Company Limited, Kuala Lumpur; and Life InsurCorporation (International), E.C. Bahrain. It has also entered into an agreement with the Sun Life (UK

marketing unit linked life insurance and pension policies in U.K.In 1995-96, LIC had a total income from premium and investments of $ 5 Billion while GIC recorded premium of $ 1.3 Billion. During the last 15 years, LIC's income grew at a healthy average of 10 per cenagainst the industry's 6.7 per cent growth in the rest of Asia (3.4 per cent in Europe, 1.4 per cent in the ULIC has even provided insurance cover to five million people living below the poverty line, with 50 persubsidy in the premium rates. LIC's claims settlement ratio at 95 per cent and GIC's at 74 per cent a


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higher than that of global average of 40 per cent. Compounded annual growth rate for Life insuranbusiness has been 19.22 per cent per annum.The introduction of private players in the industry has added to the colors in the dull industry. The initiattaken by the private players are very competitive and have given immense competition to the on tim

monopoly of the market LIC. Since the advent of the private players in the market the industry has senew and innovative steps taken by the players in this sector. The new players have improved

the service quality of the insurance. As a result LIC down the years have seen the declining phase in career. The market share was distributed among the private players. Though LIC still holds the 75% of insurance sector but the upcoming natures of these private players are enough to give more competition LIC in the near future. LIC market share has decreased from 95% (2002-03) to 82 %( 2004- 05).

ICICI Prudential Life I nsurance C ompany Ltd . ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier finanpowerhouse and prudential plc, a leading international financial services group headquartered in the UniKingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operationDecember 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).company has a network of about 56,000 advisors; as well as 7 banc assurance and 150 corporate agentie-ups.

B irla Sun Life I nsurance C ompany Ltd . Established in 2000, Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the ABirla Group, a well known and trusted name globally amongst Indian conglomerates and Sun Life FinanInc, leading international financial services organization from Canada. The local knowledge of the AdBirla Group combined with the domain expertise of Sun Life Financial Inc., offers a formidable protectioits customers future.

T ata A IG Life I nsurance C ompany Ltd. Tata AIG Life Insurance Company Ltd. "Tata AIG Life" offers a broad array of life insurance producindividuals, associations and businesses of all sizes, with a wide variety of additional coverage to ensuour customers can find an insurance product to meet their needs.Tata AIG Life is a joint venture of the Tata Group and American International

Group, Inc. (AIG). They operate in 11 states with a specific relationship management team for each statededicated & trained sales and marketing team manages the front end of the Micro insurance program. Omicro insurance distribution model collaborates with NGOs (Non-governmental organisations) and Rorganizations with community level SHG (Self Help Group) women advisors who provide insuraadvisory services to the rural customers at their doorstep.


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SB I Life I nsurance C ompany Limited SBI Life Insurance Company Limited is a joint venture between the State Bank of India and BNP ParAssurance. SBI Life Insurance is registered with an authorized capital of Rs 2000 crores and a Paid-capital of Rs 1000 Crores. SBI owns 74% of the total capital and BNP Paribas Assurance the remain

26%. State Bank of India enjoys the largest banking franchise in India. Along with its 6 Associate BaSBI Group has the unrivalled strength of over 16,000 branches acrossthe country, arguably the largest in the world.SBI Life has a unique multi-distribution model encompassing vibrant Bancassurance, Retail AgenInstitutional Alliances and Corporate Solutions distribution channels. SBI Life extensively leverages theGroup as a platform for cross-selling insurance products along with its numerous banking prodpackages such as housing loans and personal loans. SBIs access to over 100 million accounts across thcountry provides a vibrant base for insurance penetration across every region and economic strata in tcountry ensuring true financial inclusion.

ING Vysya Life I nsurance C ompany Private Limited ING Vysya Life Insurance (ING Life), a part of the ING Group the worlds largestfinancial services corporation entered the private life insurance industry in India in September 20Headquartered at Bangalore, ING Life India is staffed by over 6,000 employees and services more than lakhs customers. ING Life India is a joint venture between ING Group (ING Insurance International B.Exide Industries. ING Life has a pan India network, and distributes its products through two channels, Tied Agency Force and the Alternate Channel. The Tied Agency force comprises of over 60,000 ING Advisors, spread across the country. The channel has branches in 234 cities, and 366 sales teams acrossthe

country. The Alternate Channels business within ING Life is one of the fastest growing distribuchannels. The company currently has tie ups with over 200 cooperative bank across the country. ThAlternate Channels division has Bancassurance (ING Vysya Bank), Referral Banks, Corporate AgenBrokers and SMINCE.

Allianz B ajaj Life I nsurance C ompany Ltd. Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance Company and BFinserv. Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers

the world, managing assets worth over a Trillion (Over INR. 55, 00,000 Crores). Allianz SE has over years of financial experience and is present in over 70 countries around the world.

Metlife I ndia I nsurance C ompany Pvt. Ltd. MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc. and was incorporatejoint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonj


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Co. Private Limited and other private investors. MetLife is one of the fastest growing life insuracompanies in the country. It serves its customers by offering a range of innovative products to individuand group customers at more than 600 locations through its bank partners and company-owned officeMetLife has more than 50,000 Financial Advisors, who help customers achieve peace of mind across t

length and breadth of the country.Aviva Life I nsurance C ompany I ndia Limited Aviva India is a joint venture between one of the countrys oldest and largest groups, Dabur, and Aviva the UK's largest insurance group, whose association with India dates back to 1834. With a strong salforce of over 30,000 Financial

Planning Advisers (FPAs), we have initiated and pioneered many innovative sales approaches, includithe concept of Bancassurance and Financial Health Check services. We are among the first companies tintroduce the contemporary unit- linked products With a wide distribution network of 195 branches close to 40 Bancassurance partnerships, we are spread across nearly 3,000 towns and cities in India.

Sahara I ndia life insuranceThe Sahara Pariwars latest foray is in the field of Life Insurance. The Pariwars life insurance compaSahara India Life Insurance Company Ltd.- has been granted licence by the insurance regulator the IRDon 6th February 2004. With this approval Sahara India Life Insurance Company Ltd. becomes the fiwholly and purely Indian company, without any foreign collaboration to enter the Indian Life insurmarket. The launch is with an initial paid up capital of 157 crores. The Chairman of the company is Subrata Roy Sahara who is also the Chairman of Sahara Pariwar.

Help to low income group

Losses due to natural disasters, fire or death of a family member can be devastating for anyone.For micro entrepreneurs and other low-income populations, even common illness can wipe out alifetime of work, leaving them without any resources to start over. Micro insurance products canhelp mitigate the effects of losses on clients and their families so that they can retain and build onthe gains they have worked so hard to achieve and continue on the path out of poverty.Micro insurance is a nascent industry, which has made significant strides in the last few years.

Products are specially designed to meet the needs of poor clients: premium payments are kept to aminimum, terms and conditions are clear and simple, and exclusions and requirements such asmedical examinations are avoided to the greatest extent possible. Micro insurance includes but isnot limited to: Life, Health, Accidental Death and Disability, and Property products.

It believes that in order to meet the varied financial needs of customers, it is important for microfinance institutions (MFIs) to include micro insurance in a broader menu of financial service


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offered to clients. As death and illness are the most imminent threat faced by poor people, theproducts in highest demand across the globe are related to life and health. The range of complexitbetween the two types are significant: life products are easier to design, price and administer thanhealth products which cover multiple events, and varying types of illnesses and medical conditionIn addition, health products rely on the strengths and weaknesses of the health care system ineach country: the quality and availability of doctors, medical facilities and medicine. Accordinglymost of the partners offer some form of life insurance, and despite its difficulty, some offer healthproducts as well.

micro insurance product in india

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