Professional Documents
Culture Documents
2009-2010
SEMESTER V
SUBMITTED BY:
DECLARATION
COURSE.
Place: Mumbai
CERTIFICATE
__________________
SIGNATURE OF
PROJECT GUIDE
__________________
SIGNATURE OF
COURSE CO-ORDINATOR
ACKNOWLEDGEMENT
PREFACE
Micro-insurance is a key element in the financial services package for
people at the bottom of the pyramid. The poor face more risks than the
well off. It is becoming increasingly clear that micro-insurance needs a
further push and guidance from the Regulator as well as the
Government. The Committee concurs with the view that offering micro
credit without micro-insurance is self-defeating. There is, therefore, a
need to emphasize linking of micro credit with micro-insurance.
The country has moved on to a higher growth trajectory. To sustain and
accelerate the growth momentum, we have to ensure increased
participation of the economically weak segments of population in the
process of economic growth. Financial inclusion of hitherto excluded
segments of population is a critical part of this process of inclusion. We
hope that the recommendations made in this Report, if implemented,
will accelerate the process of financial inclusion
EXECUTIVE SUMMARY
Although the type of risks faced by the poor such as that of death, illness, injury and
accident, are no different from those faced by others, they are more vulnerable to such
risks because of their economic circumstances. Indeed, enhancing the ability of the poor
to deal with various risks is increasingly being considered integral to any poverty
reduction strategy
the wide variety of risks they face. However, recent developments in India, as elsewhere,
have shown that not only can the poor make small periodic
Contributions that can go towards insuring them against risks, but also that the risks they
face (such as those of illness, accident and injury, life, loss of property etc.) are eminently
insurable as these risks are mostly independent or idiosyncratic. Moreover, there are cost-
effective ways of extending insurance to them. Thus, insurance is fast emerging as a
prepaid financing option for the risks facing the poor.
What is insurance
Insurance in its basic form is defined as “ A contract between two parties whereby one
party called insurer undertakes in exchange for a fixed sum called premiums, to pay the
other party called insured a fixed amount of money on the happening of a certain event."
In simple terms it is a contract between the person who buys Insurance and an
Insurance company who sold the Policy. By entering into contract the Insurance
Company agrees to pay the Policy holder or his family members a predetermined sum of
money in case of any unfortunate event for a predetermined fixed sum payable which is
in normal term called Insurance Premiums.
Insurance is basically a protection against a financial loss which can arise on the
happening of an unexpected event. Insurance companies collect premiums to provide for
this protection. By paying a very small sum of money a person can safeguard himself and
his family financially from an unfortunate event.
Insurance is an essential part of running any business. If you are operating a small
business you need more than just property insurance. Taking out the
right insurance will help protect your business and minimize its exposure to risk
Your insurance requirements will vary according to the type of business you are
operating, but you should be aware that some forms of insurance are compulsory, such as
workers’ compensation and third party car insurance.
When you’re in business you deal with a variety of potential risks each day. Risk is not
something you can avoid, but it is something you can manage. Risk management will
increase the probability of success and reduce the probability of failure of your business.
Types of insurance
Assets & revenue insurance
People insurance
Liability insurance
Burglary
Insures your business assets against burglary, and is most important for a retailer or
business that has premises that is not always attended.
Electronic equipment
Covers your electronic equipment for theft, destruction or damage
Deterioration of stock
Covers your business for the deterioration of chilled, refrigerated or frozen stock
following the breakdown of the refrigerator or freezer they were kept in.
Employee dishonesty
Covers losses resulting from employee theft or embezzlement.
Farm insurance
Insurance for farms covering things such as crops, livestock, buildings, and machinery.
Goods in transit
Covers loss of, or damage to, the goods you buy, sell or use in your business when they
are in transit by ship, air, post, rail or road.
Machinery breakdown
Protects your business when mechanical and electrical plant and machinery at the
worksite break down.
Motor vehicles and fleets
It is compulsory to insure all company or business vehicles for third party
injury liability. Many different types of policies are available, so make sure
you understand the options before making a decision. There are four basic
options:
This policy covers you for claims made against you for personal injuries and
legal costs arising from the use of your car. You must obtain this insurance
to register your car.
This policy covers your liability for damage to another person or to the
property of others and your legal costs. It doesn’t include repairs to your
own car if you caused an accident.
This policy covers you against the events covered above, as well as fire and
theft. It also insures against damage caused if your car was stolen.
Comprehensive
This policy covers you for all of the above plus damage caused to your own
car by you in an accident. If you're buying a car on an installment basis,
financiers will usually insist on this cover.
Property in transit
Covers theft or damage of items you use for business purposes that travel
with you, such as tools and equipment.
People insurance
Insurance cover for you and your employees:
It includes:
Superannuation
Workers compensation requirements
Workers Compensation
You must provide accident and sickness insurance for your employees -
workers compensation - through an approved insurer. Workers
compensation is covered by separate state and territory legislation.
Superannuation
If you are running a business or employing people, you are likely
to have superannuation obligations to your employees. If you are
self-employed you also need to provide for your retirement -
superannuation is generally used to provide for a retirement plan.
Liability insurance
Types of liability insurance you need to consider:
Public Liability
Public liability insurance protects you and your business against the
financial risk of being found liable to a third party for death or injury, loss or
damage of property or ‘pure economic’ loss resulting from your negligence.
Professional Indemnity
Professional indemnity insurance protects you from legal action taken for
losses incurred as a result of your advice. It provides indemnity cover if your
client suffers a loss - either material, financial or physical - directly
attributed to negligent acts.
Product Liability
If you sell, supply or deliver goods, even in the form of repair or service,
you may need cover against claims of goods causing injury or damage.
Product liability insurance covers damage or injury caused to another
business or person by the failure of your product or the product you are
selling.
What is Micro Insurance?
Micro insurance is a form of health, life or property
insurance, which offers limited protection at a low
contribution (hence “micro”). It is aimed at poor sections of
the population and designed to help them cover themselves
collectively against risks.
It is estimated that only eighty million out of the world's 2.5 billion poor are
now covered by some form of micro insurance. Most remain without access
to this critical financial service. In India and China, where organizations are
estimated to serve nearly 30 million micro insurance clients each, the
percentage of poor lives insured hovers below 3%. In Africa this figure is
much lower – just 0.3% of the continent’s poor are insured. According to
recent data, in 23 of the poorest 100 countries in the world, there is currently
no identified micro insurance activity, representing an unsaved population of
370 million.
DEVELOPMENT OF MICRO INSURANCE IN
INDIA
No of regulated/unregulated 22/3
Insurance operations
Term 1 year
• More than twenty five per cent of the male working population is
engaged in agricultural pursuits. The categories of workers falling
under agricultural pursuits are: cultivators, agricultural laborers, and
workers in livestock, forestry, fishing, hunting and plantations,
orchards and allied activities.
5.No catastrophe:
The risk-pooling mechanism of insurance breaks down against risks that
cause large losses for a substantial portion of the risk pool at the same time.
C Wealthy A
Middle man
E
C
Poor
Severely poor
Much interest over the last few decades has focused on helping communities
to establish mutual or community-based insurance schemes. Professionals
typically manage mutual insurance companies. Community-based schemes,
promoted by ILO STEP and CIDR among others, tend to be run by well
meaning local people who give freely of their time, but are not insurance
professionals. Often people who were simply in need of insurance end up
being insurance managers with these schemes. One member of the
management committee of a community- based scheme in Tanzania noted
that he “wants insurance, but doesn’t want to be an insurer.” In community-
Pricing – Often the process of pricing is focused on what people say they
can pay rather than being linked to the cost structure of benefits that the
group wants to receive.
• These schemes are limited in size to those people within the defined local
area. This reduces their ability to diversify a rather small risk pool, and
enhances the potential for adverse selection, both of which make
sustainability a serious challenge for local management.
Background
Development Goal
• Linking formal and non formal insurance institutions with banks and
self-help groups.
If insurers are to serve customers who differ widely in terms of service costs
and risks, the only viable inducement for them is an adequate margin, lest
they exclude small farmers, - micro-entrepreneurs and people in remote
areas. Only sound social insurance, which combines a social mandate with
profit-making, has a chance of sustainability.
Institutional Adaptation
The experience so far has been that formal financial institutions serve but a
fraction of the population, which typically lies within the upper quartile of
the social hierarchy. Through adaptation to the microfinance market
requirements, they may gradually expand into the second-highest quartile
and into segments of the lower quartiles. Within the foreseeable future they
will normally not be able to fully serve that market.
Non formal finance mostly rests on local institutions which are directly
accessible to all segments of the population. Self-Help Groups (SHGs) are
member-owned and member-controlled local institutions. They may either
be financial groups, with financial intermediation as their primary purpose;
or non financial groups, with financial intermediation as a secondary
purpose, such as vendors' associations, family planning groups and
numerous other types of voluntary associations.
Linkage to Insurers
On a modest scale, various forms of life and health insurance have been
successfully practiced by different institutions in different countries,
particularly as part of loan protection schemes. Micro-insurance procedures
and services should be set by insurers rather than the regulator. Appropriate
procedures and services should be applied to attain:
(2) Convenient and safe savings premium collection and deposit facilities,
Micro-insurance Product
1. A “life micro-insurance product” means any term insurance
contract with or without return of premium, any endowment
insurance contract or health insurance contract, with or without
an accident benefit rider, either on individual or group basis, as
per terms stated in the Table A below, filed with the Authority:
Table A:
NOTE: The present average sum insured is around Rs. 5,000. This is
highly
inadequate to provide any tangible relief even to an individual below
the
poverty line. Therefore, it is suggested that the minimum amount of
cover of Rs.
10,000 appear more realistic.
Micro-insurance Agent
• A “micro-insurance agent” shall be a Non Government Organization
(NGO) or a Self Help Group (SHG).
POLICES AVAILABLE
The following special Micro Insurance products from Tata AIG Life are
now available for the rural population at the bottom of the pyramid.
NAVKALYAN YOJANA
AYUSHMAN YOJANA
Products features
Policy terms
5 years
Coverage limit
Minimum death benefit 5000
Maximum death benefit 50000
Eligibility ages
18 year s
General eligibility criteria
Declaration of health as per the proposal form.
Premium amount is decided according to
Age
Death benefit selected
POLICY BENEFIT
A) DEATH BENEFIT
the policy holder nominee will be paid the death benefit i.e. sum assured in
the event of the policyholders unfortunate death during the term of policy
provided the policy has not lapsed on the death of the policyholder .
B) EXTRA PROTECTION
Wants more the safeguard against other uncertainties in life, the policyholder
can add the accident death benefit rider to this product in case he or she
chooses the sum assured of at least rs 10000 under the basic plan. If the
accident death benefit rider is taken, an additional amount equal to the rider
sum assured becomes payable in the event of death due to accident.
TAX BENEFIT
As per current tax law
MODE OF PAYMENT
Cash
Demand draft
cheque
FREQUENCY OF PAYMENT
Once a month
Once in three month
Once in six month
Once a year
MODAL FACTOR
The policy holder can choose the pay the premium s either monthly,
quarterly, semiannually, annually. When the monthly mode is chosen the
monthly premium payable will be .0883 times the annual premium
for quarterly mode of payment the quarterly premium payable will be .26
times the annual premium and for semi annually mode the semiannual
premium will be .51times the annual premium
GRACE PERIOD
Tata AIG life allows a grace period of 31 days for all modes of payment
from the due date for the policyholder to make the premium payment. The
policy will remain the in force during the period. The policy shall lapse and
have no further value is premium is not paid with in the grace period.
AYUSHMAN YOJANA
Ayushman yojna is micro insurance protection plan where the policy holder
had to pay a single premium at the beginning of the policy term. An
outstanding feature of this plan specially designed for the rural population
with seasonal incomes is that the policy holder gets back his or her premium
with a 25%addition on survival to the end of the policy term. For example ,
if one pays a single premium of rs 100 one get back rs 125 on survival to the
end of the policy term.
The life insurance benefits under this plan last for a full 10 year term if
policy is held to maturity .
The life insurance plan benefit under this plan is the death benefit that
payable in the unfortunate event of death of the policy holder
Product features
Policy term
10 years
Coverage limit
Minimum death benefit ( sum assured ) rs 5000
Maximum death benefit ( sum assured ) rs 50000
Eligibility benefits
. minimum issue age 18 years
. maximum issue age 60 years
General eligibility criteria
Declaration of health as per the proposal form
Policy benefit
a. death benefit
the nominee will be paid the basic sum assured in an unfortunate event of
death of the policy holder during the 10 year term of the policy
b . maturity benefit
on survival to the end the policy term the policyholder shall be paid 125%
single premium paid
c. policy loan
the policyholder may take a loan from the company up to ascertain
percentage of the cash value accrued on the policy as on date of the loan .
interest will be charged on the loan at the rate applicable to at that time and
is subject to change from time to time as per the companies discretion
such a loan needs to be repaid with interest with the term of the policy ,
failing which the maturity proceeds or death benefit whichever is applicable,
will be reduced bye the outstanding amount along with interest due
mode of payment
cash
demand draft
cheque
tax benefits
as per current tax laws
Surrender of policy
Policy can be surrender at any time . applicable cash value will be received
2nd 70%
3rd 75%
4th 80%
5th 85%
6th 90%
7th 95%
8th 100%
9th 110%
10th 120%
Exclusion
If the insured whether sane or insane, commits suicide within one year from the issue
date or commencement date whichever is later our liability shall be limited to the
refund of premium paid without interest
Product features
Policy term
15years
Premium paying term
10 years
Coverage limit
. minimum death benefit ( sum assured ) rs 5000
Maximum death benefit ( sum assured ) rs 50000
Eligibility benefits
. minimum issue age 18 years
. maximum issue age 60 years
Policy benefit
Death benefit
The policy holder nominee will be paid the death benefit i.e. sum assured in
the event of the policyholder unfortunate death during the term of the
policy provided the policy has not lapsed on the death of policy holder
B . maturity benefit
at the end of 15 years , the policyholder will receive all the premium paid
during the premium paying term of ten years
mode of payment
cash
cheque
demand draft
frequency of payment
once a month
once in three month
once in six month once on a year
tax benefit
as per current tax laws
modal factor
premiums can be paid either monthly , quarterly , semiannually ,or annually.
When the monthly mode is chosen the monthly premium is payable will be .
0883 times the annual premium . for quarterly mode of payment the
quarterly premium payable will be .26 times the annual premium and for
semi annual mode the semi annual premium will be .51 times the annual
premium.
Grace period
31 days for all modes of payment from the due date for policyholder to
make the premium payment
The policy will remain in force during the period the policy shall lapse
and have no further value if Premium is not paid within the Grace Period.
However if the policy holder has paid at least three annual Premiums and is
unable to pay any subsequent premiums, the policy will acquire cash value
and policyholder can exercise non forfeiture option
In case of maturity such reduced benefits will be total premiums paid on the
basic policy excluding the rider premium
Premium loan
In case the policyholder is unable too pay the premium with in the grace
period and provided the policy is in force the premium then due can be
advanced as a loan to the policy holder upon request
This facility can be availed only if the cash value of the policy is equal to
or greater than the premium in defaults any interest accrued on the premium
loan on the policy
This feature is available, provided at least three annual premiums have been
paid and the policy has completed three years . interest will be charged on
the advance amount of premium
In case the policy has lapsed , the policyholder may reinstate the same at
the absolute discretion of tata aig life insurance company limited within
three years from the date of the first unpaid premium
However the company will require
A) a written application from the policyholder for reinstatement
B) current health certificate and other evidence of insurability
C) payment of all overdue premium with interest
D) repayment or reinstatement of any indebt ness outstanding at the due
date of the unpaid premium plus interest
Exclusions
If the insured , whether sane and insane commits suicide within one year
from the issue date or commencement date , which ever is later , as defined
the policy contract , our liability shall be limited to the refund of premium
paid without interest. In the case of reinstatement such refund of premium
shall be calculated from the commencement date
RESEARCH OBJECTIVE
To find out potential depth in society for providing opportunities for further
extension for micro insurance
Sub objective:
Data collection
For data collection, we developed a well defined questionnaire as a research
instrument, consisting questions aimed to measure the people perception
about insurance, their need and problems, bottleneck why hadn’t insured,
and target to find out opportunities for further extension of micro insurance.
We conducted unstructured interviews (sample size) of 52 general people
having income even less than 100 bugs per day like vendors, rickshaw wala,
coolies etc. at survey location (Kashmiri gate, old Delhi railway station,
prostitution area etc. All the data generated was primary data that was
generated directly from face to face communication
Data analysis
SURVEY RESULTS
The following are our findings regarding the survey conducted by us. The
following graphs show the potential depth from different perspectives, as
shown below:
ANALYSIS AND INTERPRETATION
Table 1:
Gender of the respondents
Chart 1:
Gender of the respondents
No of Respondents
9% 0% 1
2
3
4
5
6
7
8
9
91% 10
Inference:
The above reveals the fact that Majority of the respondents, about 91%
belong to the category of male and 9% belong to the category of female.
Table 2: Age of the respondents Chart 2:
frequency
17% 12%
AGE 1
2
3
38% 4
25 20
33%
Inference: 20 17
The above reveals the fact that Majority of the respondents, about 38%
15
belong to the category of 2 age and 33% belong to the category of 3 of age,
9
10
17% belong to category 2 and 12% belong to the category 1 of age.
6
5
Table 3: Educational Qualification Chart 3:
Educational Qualification Frequency
2%
2%
0
28
no.of respondent
30 22
20 1
10 42% 2
1 1
0 3
1 2 3 4 5 6 7 8
54%
1 2 3 4 5 6 7 8 9 10 4
catagory of education
Inference:
The above result reveal that majority of respondents (22+28)% were either
uneducated or educated only up to primary level
Table 4: No. of family members Chart 4:
family size freq
0%
30
no.of respondent
20 1
f req
45% 2
10
0
55% 3
1 2 3 4 5 6 7 8 9 10 4
age catagory
Inference:
Above result reveals that majority of respondent 55% live with joint family
or have big size of family
40 33
30 Series4
16 1
20 Series5 31%
2
10 2 1 Series6
3
0 Series7
63% 4
freq Series8
earning member/family Series9
Series10
Inference:
From the above result it can be clearly seen that about 63% of the
respondent were the only earning member of their family, 31% have 2
earning member because of size of family.
Table 6: Income level Chart 6:
Series1 freq
income level 12%
Series2
30 Series3
no.of respondent
24 22
Series4
20
Series5 46% 1
10 6
Series6 2
0 Series7 3
freq Series8 42%
incom e catagory Series9
Series10
Inference:
The above result reveals that 46% of respondent have income level 1 while
42% and 12% have income level 2 and 3 respectively.
30
holder
20 11 1
8
10 2
21%
0
3
1 2 3 4 5 6 7 8 9 10 64%
no.of account
Inference:
The above result reveals that 64% of respondent don’t have any account any
where while 36% have their own bank or post office account.
Table 8: Background Chart 8:
background freq
19%
40 36
no.of respondent
30
20 1
10 12%
10 6 2
0 3
1 2 3 4 5 6 7 8 9 10 69%
background catagory
Inference:
15 1
10 8
6 2
4
5 3
29%
0 4
1 2 3 4 5 6 7 8 9 10
5
no. of de pendent/family
35%
Inference:
The above result reveal that majority of respondent (35+29)% have no. of
dependent more than 1 and less than 4. 16% have only 1 dependent and
12%have 4 or more than 4 dependent in their family.
Table 10: Whether has ID proof Chart 10:
ID proof freq 1
2
27.5 27 0%
27 3
no.of respondent
26.5 4
26
48%
5
25.5 25
25 52% 6
24.5 7
24
8
1 2 3 4 5 6 7 8 9 10
9
1-yes ,2-no
10
Inference:
Above result reveals that 52% have ID proof but almost there were equal no
that hadn’t any id proof.
40
20 12 1
2
0
1 2 3 4 5 6 7 8 9 10
1-yes, 2-no 77%
Inference:
Above result shows that 23% of respondent didn’t face any problem related
with health or asset but 77% faced a serious health of asset loss in past of
their life.
Table 12: If yes how they managed Chart 12:
monetory management way of monetary management
19
20 2%
15 21%
15 1
response
10 40%
10 2
3
5 1 3
0 6% 4
1 2 3 4 5
5
w ay of m anage 31%
Inference:
The above result reveals that majority of the respondent 40% managed their
financial problem by way 1, 31% by way2 and 21% by way4 and rest
managed their problem by pattern of ways shown above in chart12.
20
11 1
10 3 2
0 3
67%
1 2 3 4 5 6 7 8 9 10
times fell ill/month
Inference:
The result above reveals that 67% of the respondent don’t have serious
health problem and they hardly use to fell ill once in a month. But beside of
this some sector 26% and 7% respectively are those who use to fall twice or
thrice in month.
Table 14: Risk on job Chart 14:
risk on job
risk on job
28
27
27 48%
response
26 1
25
25 52% 2
24
1 2 3 4 5 6 7 8 9 10
1-yes, 2-no
Inference:
The above result reveals that 52% of the respondent didn’t had any risk on
job but almost equal proportion 48% who had serious job risk.
40 35
33%
30
response
17
20
1
10
2
0 67%
1 2 3 4 5 6 7 8 9 10
1-ye s, 2-no
Inference:
Above result reveals that a majority of respondent 67% don’t have any risk
toward their asset while 33% were those who have. Reason might be
because of their low income they hadn’t had any significant asset.
Table 16: Awareness about insurance Chart 16:
awareness about insurance awareness about insurance
8%
60 48
response
40
20 1
4
2
0
1 2 3 4 5 6 7 8 9 10
1-ye s, 2-no
92%
Inference:
20
8 8
10 5
1 0 2 0 1
0 35% 31%
1 2 3 4 5 6 7 8 9 10
source
7%
Inference:
The result above reveals that 35% of the respondent got the information
about insurance from source 7, 31% got info. from source 5 and remaining
from the source pattern shown above.
Table 18: No. of insurance taken Chart 18:
insurance taken insurance tak en
2%
40 31
30 38%
responses
20
20 1
10 1 60% 2
0 3
1 2 3 4 5 6 7 8 9 10
no.of insurance taken
Inference:
Above shown result reveals that a majority of respondent 60% were not
insured from any where , 38% had taken life insurance but 2% were also
there who were very well awared and had 2 or more than 2 insurance.
20 17 16
41% 44%
responses
15
10 1
6
5 2
0 3
15%
1 2 3 4 5 6 7 8 9 10
reason
Inference:
The result got above reveals that 44% were not insured because of reason1,
41% because of reason3 and 15% were not insured because of reason 2.
Table 20: Kind of insurance like to purchase Chart 20:
insurance like to have insurance like to have
9%
30 27
18 14%
responses
20
1
8
10 5 46% 2
0 3
1 2 3 4 5 6 7 8 9 10 4
type of ins urance
31%
Inference:
Above result reveals that 46% of respondent like to have life insurance, 31%
like to have health insurance but there are some 14% who are awared toward
their child education and like to have education insurance, while some 9%
want to minimize risk toward their assets and like to have asset insurance as
well.
20 27% 24%
15 14
15 12
responses
10 1
10 2
5 3
0
20% 29% 4
1 2 3 4 5 6 7 8 9 10
type of prem ium
Inference:
Above result reveals that in this particular sector all the respondent were
almost have equally distributed opinion about premium package. 24% were
ready to pay a sound premium, majority were aligned toward premium
package 2, 20% were ready to pay premium 3, while 27% agreed to pay
premium package 4.
Table 22: How many members like to insured Chart 22:
members like to be insured members like to be insured
40 2%
31 2%
30 2% 1
responses
35%
18 2
20
3
10 4
1 1 1
0 59% 5
1 2 3 4 5 6 7 8 9 10
members/family
Inference:
The above shown result reveals that majority of respondent 59% like to
insured two members of their family apart from self but 35% were those
who can’t bear even so less premium of micro insurance product and like to
insure only one member apart from self rest are distributed as shown above.
40 36
9% 0% 7% 1
4%
responses
30 2
16%
20 3
9
10 4 5
0 2 4
0
64% 5
1 2 3 4 5 6 7 8 9 10
6
location catagory
Inference:
The result above reveals that a majority of respondent 64% believes on
facility location 3 and likes to have insurance from there, 16% believe on
facility location 4 and rest are shown above.
21%
25 29%
20
20 1
15
15 2
11
10 3
6
5 12% 4
38%
0
1 2 3 4 5 6 7 8 9 10
Inference:
The result found above reveals that a majority of respondent 38% like the
insurance for the duration of 5-10 years, 29% up to 15-20 years, 12% up to
10-15 years but some were also those 21% who can’t bear even so less
premium and want to have insurance policy up to duration of 0-5 years.
FINDINGS
• Study reveals that majority of people whose daily income is less than
100 bugs have big family
• Earning member in majority of family is only male.
• Income level lies between 100-200 bugs per day
• Majority of respondent didn’t had any saving account because of no
ID proof
• Majority of respondent have more spending on travel & rent, after that
on food & cloth and Medicare & entertainment
• Majority of respondent are the only earning member in family size of
5-8.
• Majority of respondent hadn’t significant asset
• Majority of them managed critical financial problem from some
lender like master of their service
• They hadn’t any significant job risk but yes they had asset loss risk
• Many of them aware about insurance but not of micro insurance and
best source of information medium found to be “Radio” and
“advertisement banners”.
• Many of respondents were not insured just because of either high
premium or lack of complete information.
• Some complaint about bad approachability of insurance provider
company to them as well.
• Majority of respondent shows keen interest in micro-insurance policy
in life and health , some were very sensitive toward education and like
to have education insurance as well
• Because of low income they are ready to pay 150-200 bugs per year
for insurance and like to have at least one more member of their
family to be insured
• They are ready to pay premium 15-20 years.
CONCLUSION
CONCLUSION
FINDINGS
RECOMMENDATION
ANNEXURE
BIBLIOGRAPHY
WEBSITES