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Does Microinsurance work for India’s poor?

Microinsurance schemes target the betterment of the low-income segment whose daily income is less than ₹250 per person. The term “micro” refers to the small financial transactions generated by insurance policies. Since the introduction of the Microinsurance Regulation of 2005, 15 companies have registered more than 23 products with IRDA (Insurance Regulatory and Development Authority of India). But sadly, the Indian insurance sector has achieved a penetration rate of only 3.49% and the majority of it comes from the urban population.

Microinsurance can be delivered through a variety of channels like licensed insurers, health care providers, microfinance institutions, community-based and non-governmental organizations. Despite so many open channels and nearly 15 years of operation, microinsurance products are not easily accessible to the rural populace. 

In this article, we will discuss why private insurers are unable to reach rural India and the ways to effectively distribute these schemes to the rura