(iii) General / Non-Life Micro Insurance Products

97
Table-19: Details of Micro Insurance Products
Type of Cover
Minimum
Amount of Cover
Maximum
Amount of Cover
Term of
Cover
(Min)
Term of
Cover
(Max)
Min.
Age at entry
Max.
age at entry
Dwelling & contents, or livestock or Tools or implements or other named asset / or Crop insurance against all perils
Rs. Per asset/
cover
Rs.
30,000
Per asset/
cover
1 year 1 year
NA NA
Health Insurance Contract
(Ind.)
Rs. Rs 1 year 1 year Insurer’s discretion
Health Insurance Contract
(family) (Option to avail limit for Individual float on family)
Rs.
10,000
Rs.
30,000 1 year 1 year
Insurer’s discretion
Personal Accident (per life/earning member of family)`
Rs.
10,000
Rs.
50,000 1 year 1 year Micro insurance regulations, as can be seen from the table, also include insurance of crops against all perils, and, therefore, it’s a golden opportunity for insurers to strengthen their marketing network and expand their reach. Relevant promotional efforts will go along way in facilitating this. As the regulations also permit combining various insurance covers,
including life insurance cover, it provides an excellent opportunity for insurers, to bundle insurance products as package insurance.

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