Performance of Micro Insurance in India: A Critical Review.

Micro insurance seeks to protect impoverished people living in adverse conditions from health, nature and accident related risks. Currently in India, micro insurance has become an integral strategy for enhancing the economic livelihoods of the financially vulnerable masses. This paper offers a thorough analysis of how micro insurance is practiced in India by examining its number of policies, collection of premium, and death claim settlement. The research finds and evaluates the extent to which micro insurance schemes enhance the financial participation of the population and solves the problems of access, cost and information. This approach makes micro insurance schemes more effective. This paper also shows the public and private sector insurance players how to operate in the Indian economy.