Abstract: The most vulnerable rural population - in particular, women - are largely excluded from the insurance market. This only amplifies the felt need of this segment for protection of their lives / income-generating assets against various perils. Insurance Development and Regulatory Authority (IRDA) and Pension Fund Regulatory and Development Authority (PFRDA) have suggested that if at all pension and insurance are defined as “micro finance services”. With a view to encouraging the insurers to meet these obligations and give a fillip to micro-insurance products, IRDA also decided that all micro-insurance products may be reckoned for the purpose of fulfilment of the social obligation and where such policy are issued in rural area they could also be reckoned for rural sector obligation. IRDA has also proposed to benchmark the above obligations with reference to quantified limits of sums assured under micro-insurance policies in rural India. This paper refers to the perspectives in micro insurance towards SHGs in rural India and different rural insurance and models. And it also shows the implementation of micro insurance programs/regulations of IRDA.
Keywords: Micro Insurance Perspectives; Models; Programs; Regulations Rural India.
Title: Micro Insurance – A Life Line of SHG in Rural India
Author: Ratheesh R J, Sumesh V
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
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