Get Your MicroInsurance Plans from InstaCover India
What is a MicroInsurance in India?
A category of insurance policy, a Microinsurance policy is specifically designed for the population that is financially weak such as those living in rural areas. In Microinsurance’s, the sum assured offered by insurance companies is usually less than or equal to Rs. 50,000 only.
Microinsurance was defined by the IRDAI (Insurance Regulatory and Development Authority of India) and is governed by IRDAI Microinsurance Regulations 2005.
Types of Microinsurance Plans
There are different types of microinsurance policy plans available and offered by a variety of insurance companies, so of which are:
Term Life Insurance
Secure your family finances with proper term life insurance plans and get complete covers in case of death of policyholder, ensuring coverage for loss in terms of finance.
Endowment Insurance
Get dual benefits of savings and insurance, both in a single plan which assure complete covers for instances such as premature death, as well as higher returns in case of maturity.Health Insurance
Cover hospitalization costs in case of sickness with the help of a micro health insurance plans. Get reimbursed for any medical expense and keep your finances stable.
Livestock Insurance
Get covered for any livestock in case if they fall ill or die with a livestock microinsurance plan.
Hut Insurance
This is similar to a property insurance in nature where it covers for any damage or loss due to natural calamity or other reasons as covered in the policy.
Personal Accident Insurance
Get covered for any loss or damage caused due to accident, including financial security for temporary or permanent disablement with a lump-sum payment to support your financial needs.
Crop Insurance
Get financial coverage in case if there is a loss or damage to the crops due to any unwanted and unexpected natural calamity. A must choose microinsurance plan for individuals engaged in farming profession.
- Term Life Insurance
- Secure your family finances with proper term life insurance plans and get complete covers in case of death of policyholder, ensuring coverage for loss in terms of finance.
- Endowment Insurance
- Get dual benefits of savings and insurance, both in a single plan which assure complete covers for instances such as premature death, as well as higher returns in case of maturity.
- Health Insurance
- Cover hospitalization costs in case of sickness with the help of a micro health insurance plans. Get reimbursed for any medical expense and keep your finances stable.
- Livestock Insurance
- Get covered for any livestock in case if they fall ill or die with a livestock microinsurance plan.
- Hut Insurance
- This is similar to a property insurance in nature where it covers for any damage or loss due to natural calamity or other reasons as covered in the policy.
- Personal Accident Insurance
- Get covered for any loss or damage caused due to accident, including financial security for temporary or permanent disablement with a lump sum payment to support your financial needs.
- Crop Insurance
- Get financial coverage in case if there is a loss or damage to the crops due to any unwanted and unexpected natural calamity. A must choose microinsurance plan for individuals engaged in farming profession.
Looking for your Microinsurance?
InstaCover India offers a variety of benefits and advantages in terms of covers and savings, so when searching for a good MicroInsurance policies, you need to look no further!
Call us now and we will do the best we can to help you out with your Microinsurance policy needs
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+91-9995551863
FAQs Related to Micro-Insurance Policies
It is less than or equal to Rs. 50,000 and this is as per the IRDAI guidelines, specifically IRDAI Microinsurance Regulations 2005.
The main difference between the two is that a micro insurance is defined for individuals falling under a specific income group and offers low sum insured at lower premium costs, while a bite-sized insurance is considered as a short-term insurance policy to cover needs and wants demanded at a specific instance or short period of time.
Yes, as per IRDAI guidelines for Microinsurance, you can get benefitted from the covers offered with a microinsurance plan for any disability (permanent or temporary) due to getting involved in an accident.
This completely depends on the terms and conditions as defined in the policy itself depending on your selection of the policy. The main thing to understand is, a microinsurance is not a type of policy but a category of insurance consisting of various types within.
Looking for your MicroInsurance?
InstaCover India offers a variety of benefits and advantages in terms of covers and savings, so when searching for a good MicroInsurance, you need to look no further!
Call us now and we will do the best we can to help you out with your Micro Insurance needs
