Review of Progress and Potential of Micro Insurance in India.

In case of India, Micro Insurance policy is for low income clients living in rural areas with no knowledge of insurance; who tends to face more risk and are more prone to illness due to working in hazardous condition or malnutrition with little or no experience in dealing with financial institutions. Though there is a growth in the Micro Insurance but still India has very low Insurance penetration. The main objectives of the study are to study Micro Insurance market in India, regulations pertaining to Micro Insurance and analyse the initiatives taken and progress made so far by Micro Insurance in India. Analysis is based on secondary resources and study is limited to growth in micro insurance sector post liberalization in India. The development of micro insurance is both a moral and an economic imperative, not only for achieving the inclusive financial systems but also for the equitable mitigation of risks.