Ppt Micro Insurance-1 New

7/27/2019 Ppt Micro Insurance-1 New

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Grow More Institute Of Management Studies

(1) ( Nirav.p.soni)

(2) B (lakshmanjograna)


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INTRODUCTION Micro-insurance is the protection of low income

households with affordable insurance products to help

them cope with and recover from common risk

Need for micro insurance

insurance cover to low income group

difficulty in delivery in rural areas

inappropriate service

product design premium rates


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SCOPE AND FUNCTIONS

SCOPE OF THE STUDY

Meaning and concept of Micro-Insurance.

Need for developing micro-insurance in Gujarat.

Conducted unstructured interviews sample size of

100 general people having income less than Rs. 350

per day.

The area which was selected for the survey is

bounded by central sub- urban of Gujarat State.


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Maintaining a register of all members and their

dependants covered under the insurance scheme along

with details of name, age, address, nominees and thumbimpression/ signature

Collection of proposal forms

Collection of self declaration from the member that he is

in good health Collection of monies for issuance of contract or

remittance of premium

distribution of policy documents

Assistance in the settlement of claims Nomination

Any policy administration service


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Types of Micro Insurance

1. Life Insurance

2. Health Insurance

3. Property Insurance

4. Disability Insurance5. Crop Insurance

6. Disaster insurance

7. Unemployment Insurance

8. Reinsurance


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Name of the Product: AVIVA Life Ins. Co. India Pvt. Ltd.

Grameen Suraksha. Bajaj Allianz Life Insurance Co. Ltd

Bajaj Allianz Jana Vikas Yojana.Bajaj Allianz Saral Suraksha Yojana.Bajaj Allianz Alp Nivesh Yojana.

Birla Sun Life Insurance Co. Ltd.

Birla Sun Life Insurance Bima Suraksha Super.Birla Sun Life Insurance Bima Dhan Sanchay.

DLF Pramerica Life Insurance Co. LtdDLF Pramerica Sarv-Suraksha.

MICROINSURANCE PRODUCTS IN

INDIA


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ICICI Prudential Life Insurance Co. Ltd

ICICI Prud. Sarv Jana Suraksha

IDBI Fortis Life Insurance Co. Ltd.

IDBI Fortis Group Micro insurance Plan

ING Vysya Life Insurance Co. Ltd.

ING Vysya Saral Suraksha

Life Insurance Corporation of India

LIC's Jeevan Madhur.LIC's Jeevan Mangal.

Met Life India

Met Vishwas

Sahara India Life Insurance Co. Ltd.Sahara Sahayog (Micro Endowment Insurance without profit plan).

SBI Life Insurance Co. Ltd.

SBI Life Grameen Shakti.

SBI Life Grameen Super Suraksha.


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OBJECTIVES OF STUDY

OBJECTIVES

To understand what Micro-Insurance is?

To find the awareness of micro insurance among Rural

group of people in Gujarat. To recognize the Potential Market for Micro-Insurance in

Gujarat.

To identify the Key Characteristics of Micro Insurance.

To find the preference of various products in Microinsurance of clients.

To explain the various difficulties of insurers to produce,

market and distribute different micro insurance products.


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LIMITATIONS

Data collection was very time consuming. Since it is a new concept, untouched and unaware, the

information was not easily available.

All the primary information included in the project is

completely based on the data offered by the applicantsthrough survey analysis.


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PATTERN OF RESEARCHResearch Descriptive & exploratoryData source Primary & SecondaryResearch method Survey method, observation, personal

interviewInstrument of data collection Questionnaire & interviewType of questionnaire StructuredType of questions Close endedSample size 100Scope of study Himatnagar citySampling method Judgmental sampling


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ANALYSIS AND INTERPRETATION

Respondent Age group:

Age Group Respondent

Below 25 22

25-35 41

35-45 19

More Than 45 18

22

41

19

18

0

5

10

15

20

25

30

35

40

45

Below 25 25-35 35-45 More Than 45

Age Group

Respondant


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Educational Qualification :

Education Respondent

Up To S.S.C 42

H.S.C 30

Graduate 21

Post Graduate 07

42

30

21

7

0

5

10

15

20

25

30

35

40

45

Up To S.S.C H.S.C Graduate Post Graduate

Education

Respondant


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Source of information:

Source Respondent

Television 41

Newspaper 27

Company Agent 18

Other 14

41

27

18

14

Sources of Information

Television

Newspaper

Company Agent

Other

H ld f i i li


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Holder of micro-insurance policy:

Hold? Respondent

Yes 17

No 83

17

83

0

10

20

30

40

50

60

70

80

90

Yes No

Holder Of Policy

Respondent

C f Mi i P li


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Company of Micro-insurance Policy:

Company Respondent

LIC 76

ICICI 6

Kotak Mahindra Life insurance 6

Others 12

76

6

6

12

Respondent

LIC

ICICI

Kotak Mahindra Life insurance

Others


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Insurance is / will helpful Or not :

Option Number of respondents

Yes 56

No 12

May be 32

56

12

32

0

10

20

30

40

50

60

Yes No May be

View Of Respondents

Number of respondents

R d t P fil


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Respondents Profile:

What is annual income of respondent?


Less than 30000

30000-60000

60000-90000

more than 90000

0

54

35

11

0

54

35

11

0

10

20

30

40

50

60

Less than 30000 30000-60000 60000-90000 more than 90000

Number of Respondents

Number of respondents


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Mode of payment will you prefer for premium :


Annual

Quarterly

Semi annually

Monthly

10

19

41

30

23

59

9

9

Payment Method

Annual

Semi annually

Quartely

Monthly

I t t Vi


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Investment View

Choice/Rank Investment View

Mutual Fund 9

Insurance 25

Post Office 3

Bank Deposit46

Other 17

9

25

3

46

17

Investment View

Mutual Fund

Insurance

Post Office

Bank Deposit

Other


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Satisfaction with micro-Insurance :

Criteria Respondents

Yes 78

No 22

78

22

0

10

20

30

40

50

60

70

80

90

Yes No

Satisfy?

Respondents


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CONCLUSIONMiddle class people take insurance policy according to their ability & capacity to

pay premium to secure their life.

It is becoming increasingly clear that micro-insurance needs a further push andguidance from the regulator as well as the government.

Insurance is designed keeping in mind to poor people. Like everybody else,

the poor people face a variety of risks such as risk of death, illness, disability,

accident, income & property & so on. Like all other, they also need to be

protected from these risks.


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BIBILIOGRAPHY BOOKS:

K.R. Ratan Micro Insurance IGNO publication.

Banking & Insurance II (Thakur Prakashan).

2. Journal:

o IRDA journel Focus Micro Insurance

3. Website:

http://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-india

http://www.mcril.com/BackEnd/ModulesFiles/Publication/Micro_Insurance_Regulation_In_The_Indian_Financial_Landscape

http://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo27 1&mid=26.2

4. Articles:

Concept Paper on Need for Developing Micro-Insurance in India

Project report on microfinance 2006-2007- by Zalak Shah

Business India newspaper

Business India June, 26th 2011

Speech by Pranab Mukharjee at Global Insurance Summit, Thursday, September 2nd 2010
http://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.mcril.com/BackEnd/ModulesFiles/Publication/Micro_Insurance_Regulation_In_The_Indian_Financial_Landscapehttp://www.mcril.com/BackEnd/ModulesFiles/Publication/Micro_Insurance_Regulation_In_The_Indian_Financial_Landscapehttp://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo27%20%20%20%20%201&mid=26.2http://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo27%20%20%20%20%201&mid=26.2http://www.mcril.com/BackEnd/ModulesFiles/Publication/Micro_Insurance_Regulation_In_The_Indian_Financial_Landscapehttp://www.mcril.com/BackEnd/ModulesFiles/Publication/Micro_Insurance_Regulation_In_The_Indian_Financial_Landscapehttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-indiahttp://www.microsave.org/briefing_notes/india-focus-note-49-trends-of-microinsurance-in-india


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Ppt Micro Insurance-1 New