Volume : 4, Issue : 1, January - 2015

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

Dr. Sreemoyeeguha Roy

Abstract :

<p>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&ndash;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.</p>