What is Micro Insurance: Definition, Types, Importance and Benefits

What is Micro Insurance?

How does Micro Insurance work?

What are the Types of Micro Insurance Policies?

What are the Benefits of Micro Insurance?

What is the Importance of Micro Insurance?

FAQs Related To Micro Insurance

Why do micro insurances have low sum assured value?

The primary objective of micro insurance is to provide low-cost insurance against low premium payments. Hence, the sum assured value becomes low.

Can you add a beneficiary to a micro insurance policy?

Yes, you can add a beneficiary to a micro insurance policy. Your nominated beneficiary will receive the death benefits from the insurer in case of your untimely demise.

Is it possible to buy coverage against disability due to accidents under micro insurance?

Yes, you can avail such covers in products offered under the micro insurance category.

What are the inclusions and exclusions in micro insurance?

There are no set inclusions and exclusions for micro insurance plans, and they vary based on the cover and premium.