Overview of Current Microinsurance Policies in India and its Impact in the Rural Districts of West Bengal

Dr.SreemoyeeGuha Roy

Volume : IV, Issue : I, January - 2015

Overview of Current Microinsurance Policies in India and its Impact in the Rural Districts of West Bengal

Dr. Sreemoyeeguha Roy

Abstract :

In the year 2005, IRDA developed microinsurance regulation with the aim of empowerment given to the poor families as well as better opportunities to the development of insurance market. Insurance companies are associated with SHGs, MFIs and NGOs to market their small premium product and low profit margin to the poor peoples. Both the products like, life and non–life insurance availed under microinsurance schemes protects people against unexpected losses. The current paper displays an experimental and analytical study that has been done with the objective of identifying the factors that influence policyholders buying decision of the insurance product under microinsurance scheme in rural areas. For this purpose a sample of 134 policyholders are selected by using simple random technique. This research is primarily focused on the buying decision of the policyholders and what type of factors motivates them to purchase the microinsurance products among the various other services available in the market. The current research was done with the help of policyholders awareness level of microinsurance activities which was assessed through both positive and negative statements related to microinsurance activities.