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Micro Insurance Plans

What Are Micro Insurance Plans?

Micro insurance plans are the plans which cater the needs of economically weaker sections of the society. These insurance solutions provide an opportunity for economically weaker person to protect his family’s future. The affordable premiums make it feasible and the payment modes are convenient. Read More

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Micro Insurance Plans in India

A plan that gives insurance coverage to economically weaker
population to protect their families and secure their future.

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What Are Micro Insurance Plans?

 

Micro insurance plans are the plans which cater the needs of economically weaker sections of the society. These insurance solutions provide an opportunity for economically weaker person to protect his family’s future. The affordable premiums make it feasible and the payment modes are convenient. Endowment plans are also crafted to meet goal-based needs of the insured. 

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Get The Means To Secure Your Group’s Goals!

Get the plan that’s perfect for short-term planning and secures your group’s future!

  • The minimum premium amount for this plan is Rs.50 p.a for a minimum sum assured of Rs.5000

  • Group size can be as small as 5 members

  • You can opt for Single Life or Joint Life variant

  • Flexibility to choose between Level or Decreasing Sum Assured

     

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Key Highlights

 

Know the key highlights of Micro Insurance^²

  • The sum assured under an Insurance product offering life or pension or health benefits shall not exceed an amount of Rs 200,000.
  • The annual Premium shall not exceed Rs 6000 pa. in a Micro Variable Insurance product under Non linked Non-par platform.
  • Micro Insurance Schemes marketed to Groups with a minimum Group size of 5.

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1 - This is applicable only if all due premiums are paid and the policy is in force.
4 - Discount for large Sum Assured is available depending on the Sum Assured, policy term, and premium paying term.

^2-Source of Information: Insurance Regulatory and Development Authority of India (Micro Insurance) Regulations, 2015

ARN No :WP/1474/Feb/2021

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