Impact on micro insurance products (A study with reference to Salem district)

Insurance regulatory and development authority (IRDA) has created a special category of insurance policies called micro insurance (MI) policies to promote insurance coverage among economically vulnerable sections of society. India is pioneer in marketing and distributing micro insurance for rural and urban poor households. Low income people's manage the more risk by reducing the coverage insurance products and social protection. This product for life & health insurance, long term savings & investments, credit-linked products, and non-life products, property insurance etc. This study objective has to find out the insurance market opportunity for savings and investment insurers to develop business models larger market or social security and vulnerable sections development by reducing their risk exposure. Micro insurance contributes alleviate poverty and to raise the living standard income for depends people's secure of life. Micro insurance services grater level of awareness among the prospective SHGs, Co operative banks, MFIs, and NGOs and insurance companies of the rural communities. The objective of the study has been achieved by some following factors are poverty alleviation, unexpected risk, increase income, premium policy coverage. This study sample size has been selected 150 respondents from micro insurance policyholders and used the convenient sample techniques. A low income peoples for developing countries having used micro insurance products has most support to alleviate poverty, increase the intellectual investment and growth of marketing strategy employment opportunities, increase small industry and economic development. Micro insurance market can play a crucial role of a comprehensive tool to insurance products services, equality support towards to vulnerability, and social protection to public and financial services sectors.