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Grow More Institute Of Management Studies
(1) ( Nirav.p.soni)
(2) B (lakshmanjograna)
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INTRODUCTION Micro-insurance is the protection of low income
households with affordable insurance products to help
them cope with and recover from common risk
Need for micro insurance
insurance cover to low income group
difficulty in delivery in rural areas
inappropriate service
product design premium rates
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SCOPE AND FUNCTIONS
SCOPE OF THE STUDY
Meaning and concept of Micro-Insurance.
Need for developing micro-insurance in Gujarat.
Conducted unstructured interviews sample size of
100 general people having income less than Rs. 350
per day.
The area which was selected for the survey is
bounded by central sub- urban of Gujarat State.
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Maintaining a register of all members and their
dependants covered under the insurance scheme along
with details of name, age, address, nominees and thumbimpression/ signature
Collection of proposal forms
Collection of self declaration from the member that he is
in good health Collection of monies for issuance of contract or
remittance of premium
distribution of policy documents
Assistance in the settlement of claims Nomination
Any policy administration service
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Types of Micro Insurance
1. Life Insurance
2. Health Insurance
3. Property Insurance
4. Disability Insurance5. Crop Insurance
6. Disaster insurance
7. Unemployment Insurance
8. Reinsurance
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Name of the Product: AVIVA Life Ins. Co. India Pvt. Ltd.
Grameen Suraksha. Bajaj Allianz Life Insurance Co. Ltd
Bajaj Allianz Jana Vikas Yojana.Bajaj Allianz Saral Suraksha Yojana.Bajaj Allianz Alp Nivesh Yojana.
Birla Sun Life Insurance Co. Ltd.
Birla Sun Life Insurance Bima Suraksha Super.Birla Sun Life Insurance Bima Dhan Sanchay.
DLF Pramerica Life Insurance Co. LtdDLF Pramerica Sarv-Suraksha.
MICROINSURANCE PRODUCTS IN
INDIA
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ICICI Prudential Life Insurance Co. Ltd
ICICI Prud. Sarv Jana Suraksha
IDBI Fortis Life Insurance Co. Ltd.
IDBI Fortis Group Micro insurance Plan
ING Vysya Life Insurance Co. Ltd.
ING Vysya Saral Suraksha
Life Insurance Corporation of India
LIC's Jeevan Madhur.LIC's Jeevan Mangal.
Met Life India
Met Vishwas
Sahara India Life Insurance Co. Ltd.Sahara Sahayog (Micro Endowment Insurance without profit plan).
SBI Life Insurance Co. Ltd.
SBI Life Grameen Shakti.
SBI Life Grameen Super Suraksha.
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OBJECTIVES OF STUDY
OBJECTIVES
To understand what Micro-Insurance is?
To find the awareness of micro insurance among Rural
group of people in Gujarat. To recognize the Potential Market for Micro-Insurance in
Gujarat.
To identify the Key Characteristics of Micro Insurance.
To find the preference of various products in Microinsurance of clients.
To explain the various difficulties of insurers to produce,
market and distribute different micro insurance products.
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LIMITATIONS
Data collection was very time consuming. Since it is a new concept, untouched and unaware, the
information was not easily available.
All the primary information included in the project is
completely based on the data offered by the applicantsthrough survey analysis.
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PATTERN OF RESEARCHResearch Descriptive & exploratoryData source Primary & SecondaryResearch method Survey method, observation, personal
interviewInstrument of data collection Questionnaire & interviewType of questionnaire StructuredType of questions Close endedSample size 100Scope of study Himatnagar citySampling method Judgmental sampling
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ANALYSIS AND INTERPRETATION
Respondent Age group:
Age Group Respondent
Below 25 22
25-35 41
35-45 19
More Than 45 18
22
41
19
18
0
5
10
15
20
25
30
35
40
45
Below 25 25-35 35-45 More Than 45
Age Group
Respondant
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Educational Qualification :
Education Respondent
Up To S.S.C 42
H.S.C 30
Graduate 21
Post Graduate 07
42
30
21
7
0
5
10
15
20
25
30
35
40
45
Up To S.S.C H.S.C Graduate Post Graduate
Education
Respondant
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Source of information:
Source Respondent
Television 41
Newspaper 27
Company Agent 18
Other 14
41
27
18
14
Sources of Information
Television
Newspaper
Company Agent
Other
H ld f i i li
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Holder of micro-insurance policy:
Hold? Respondent
Yes 17
No 83
17
83
0
10
20
30
40
50
60
70
80
90
Yes No
Holder Of Policy
Respondent
C f Mi i P li
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Company of Micro-insurance Policy:
Company Respondent
LIC 76
ICICI 6
Kotak Mahindra Life insurance 6
Others 12
76
6
6
12
Respondent
LIC
ICICI
Kotak Mahindra Life insurance
Others
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Insurance is / will helpful Or not :
Option Number of respondents
Yes 56
No 12
May be 32
56
12
32
0
10
20
30
40
50
60
Yes No May be
View Of Respondents
Number of respondents
R d t P fil
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Respondents Profile:
What is annual income of respondent?
Option Number of respondents
Less than 30000
30000-60000
60000-90000
more than 90000
0
54
35
11
0
54
35
11
0
10
20
30
40
50
60
Less than 30000 30000-60000 60000-90000 more than 90000
Number of Respondents
Number of respondents
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Mode of payment will you prefer for premium :
Option Number of respondents
Annual
Quarterly
Semi annually
Monthly
10
19
41
30
23
59
9
9
Payment Method
Annual
Semi annually
Quartely
Monthly
I t t Vi
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Investment View
Choice/Rank Investment View
Mutual Fund 9
Insurance 25
Post Office 3
Bank Deposit46
Other 17
9
25
3
46
17
Investment View
Mutual Fund
Insurance
Post Office
Bank Deposit
Other
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Satisfaction with micro-Insurance :
Criteria Respondents
Yes 78
No 22
78
22
0
10
20
30
40
50
60
70
80
90
Yes No
Satisfy?
Respondents
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CONCLUSIONMiddle class people take insurance policy according to their ability & capacity to
pay premium to secure their life.
It is becoming increasingly clear that micro-insurance needs a further push andguidance from the regulator as well as the government.
Insurance is designed keeping in mind to poor people. Like everybody else,
the poor people face a variety of risks such as risk of death, illness, disability,
accident, income & property & so on. Like all other, they also need to be
protected from these risks.
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BIBILIOGRAPHY BOOKS:
K.R. Ratan Micro Insurance IGNO publication.
Banking & Insurance II (Thakur Prakashan).
2. Journal:
o IRDA journel Focus Micro Insurance
3. Website:
http://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-india
http://www.mcril.com/BackEnd/ModulesFiles/Publication/Micro_Insurance_Regulation_In_The_Indian_Financial_Landscape
http://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo27 1&mid=26.2
4. Articles:
Concept Paper on Need for Developing Micro-Insurance in India
Project report on microfinance 2006-2007- by Zalak Shah
Business India newspaper
Business India June, 26th 2011
Speech by Pranab Mukharjee at Global Insurance Summit, Thursday, September 2nd 2010
http://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.mcril.com/BackEnd/ModulesFiles/Publication/Micro_Insurance_Regulation_In_The_Indian_Financial_Landscapehttp://www.mcril.com/BackEnd/ModulesFiles/Publication/Micro_Insurance_Regulation_In_The_Indian_Financial_Landscapehttp://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo27%20%20%20%20%201&mid=26.2http://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo27%20%20%20%20%201&mid=26.2http://www.mcril.com/BackEnd/ModulesFiles/Publication/Micro_Insurance_Regulation_In_The_Indian_Financial_Landscapehttp://www.mcril.com/BackEnd/ModulesFiles/Publication/Micro_Insurance_Regulation_In_The_Indian_Financial_Landscapehttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-india7/27/2019 Ppt Micro Insurance-1 New
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Thank you