Irdai's Committee on micro insurance suggests ways to boost segment

Micro insurance is specifically intended for protection of low income people, with affordable products to help them cope with and recover from financial loss

The insurance regulator’s committee on micro insurance has suggested such policies be allowed up to Rs 5 lakh, from the current level of Rs 2 lakh, and that even general insurance or health products have return of premium as an option.
 
“It appears return of premium is one feature which holds greater value for this section of customers,” the committee said in its recommendations.  Also, that general insurance policies, typically renewed annually, be allowed for a longer term.
 
Micro insurance is specifically intended for protection of low income people, with affordable products to help them cope with and