Micro Life
Insurance Plans

Life insurance is a security everyone person deserve to have. However, due to financial constraints, many individuals cannot buy insurance for themselves and their families. Micro Life insurance plans, which are comparatively newer insurance type, are specially designed to cater to those with low income.


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Shriram Jana Sahay

Shriram Jana Sahay is a non linked and non participating yearly renewable group term micro insurance product. The product aims to provide financial security to the families of members of unorganized groups or affinity groups in case of death.
Plan Details



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Shri Sahay (AP)

Shri Sahay-AP is an Annual Premium Group Insurance Plan that will give life cover for socially weaker sections of population.
Plan Details



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Shri Sahay (SP)

Shri Sahay is a Micro Insurance plan that will give life cover for socially weaker section."Socially Weaker Section" includes self employed workers such as agricultural laborers, bidi workers, carpenters etc. and persons who live below the poverty line.
Plan Details



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Shriram Grameena Suraksha

Shriram Grameena Suraksha is a non linked non participating term insurance plan. The plan is a micro insurance term plan and provides life cover at a low cost to the socially weaker sections of the society.
Plan Details



Micro Life Insurance Plans:

Life insurance is a security everyone person deserve to have. However, due to financial constraints, many individuals cannot buy insurance for themselves and their families. Micro Life insurance plans, which are comparatively newer insurance type, are specially designed to cater to those with low income.

These plans, unlike a typical social commercial life insurance policy, offer assistance to families with lesser savings. This type of insurance plans caters to the requirements of people with lower incomes and offers them protection. These plans offer low coverage or caps to the policyholder. In these plans, the amount of premiums to be paid is very low. It is usually a life insurance policy with an assured sum of Rs. 50,000 or less. Here the policyholder can also avail other facilities such as protection against accident, partial disability benefit as well as death benefit.

There are three kinds of intermediaries, which are required for doing the micro insurance; these are Non-Government Organisations, Self-Help Groups and the Micro-Finance Institutions


Why Micro life Insurance Plans :

  • Accident Benefit: Most of the micro insurance plans offer the option of life risk with accident benefit to the policyholder. Other kinds of permanent disabilities also covered under these plans.
  • Flexibility: Insurers have the flexibility and the freedom to offer covers including both life and general insurance together.
  • Easier to understand: This is a simple plan, offering the life insurance cover as well as offer assured sum at the time of maturity
  • Many plans have been designed to cater to the needs of rural masses
  • These plans offer financial security and cover, without medical examinations

Key Features :

  • Micro insurance plans also cover health insurance contracts
  • These plans also offer coverage for personal accidents as well for various belongings such as huts, livestock, instruments, etc.
  • These plans can be offered on an individual as well as on the group basis
  • Some of the plans come without accident benefit rider too
  • These plans are term insurance that comes either with premiums returns or without premium returns or can an endowment contract as well

The Insurance Regulatory and Development Authority (IRDA) have created it as a special category in order to aid the economically weak section of society and to promote the concept of insurance amongst them. Because of the lower rates of premiums, the insurance companies sometimes have to spend more on distribution costs than amount earned through premiums.

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