Open AccessMICRO INSURANCE: A TOOL FOR DEVELOPMENT OF RURAL INDIA AND THE CHALLENGES FOR ITS IMPLEMENTATION
Author(s) -
Seena P. C
Publication year - 2021
Publication title -
paripex indian journal of research
Language(s) - English
DOI - 10.36106/paripex/2006342
Subject(s) - business , income protection insurance , economic growth , rural area , private sector , insurance policy , actuarial science , general insurance , economics , political science , law
Micro-insurance is originated for the protection of poor and low income people,with feasible insurance schemes to helpthem to survive and recover from common risks. The main aim of micro insurance is not only to promote businessperspective but also to the rural development of our country and the protection of poor people. India is developingcountry hence 70% of the population is still rural, very poor, poor health and low literacy rate. Micro insurance is anessential part of the financial sector and it assists the people to diversify their risks.It is essential to develop insuranceawareness among the people in the each and every corner of our country particularly remote area.The present studyfocussed the importance of micro insurance for the development of rural people.This paper also discuss about the microinsurance products and the role of various public and private micro insurance agents for the upliftment of rural and poorpeople.