Micro Insurance

Micro Insurance

Micro Insurance
What is Micro Insurance?
Micro insurance is a financial arrangement to protect low-income customers against specific perils in
exchange for regular surcharge payments proportionate to the likelihood and cost of the risk involved. It is
synonymous to result-based financing arrangements, including community health funds, mutual health
organizations, health insurance, revolving drugs funds, and community involvement in user-fee management.

General Micro Insurance:

It covers health insurance, personal accidents, and assets such as livestock, hut, etc. This product can be
availed at an individual or a group basis.

Life Micro Insurance:

It can be purchased at an individual or a group level and with or without an accident benefit. Such plans
can also be related to health insurance.

How does it work?
These policies are distributed via Non-governmental Organizations (NGOs),
Self-help Groups, and Micro-finance Institutions.
They have the privilege to offer combined covers or a packaged product
belonging to either the General Insurance or the Life Insurance category.
The premium for such plans is nominal to widen the stick out and secure
engagement at a large scale.
Advantages
Term Micro Insurance
Endowment/Pension Micro Insurance
Health Micro Insurance
Property Microinsurance
Importance
An accessible risk-management tool to reduce financial vulnerability in
times of adversity.
The affordable premium of such plans is an incentive for better reach in
an organized manner.
Covers the policyholder’s financial liability as per the chosen plan.
Positive change in poor people’s perception of insurance.
FidyPay activates micro insurance through a very simple, easy and less intrest rate. Just integrate our SDK
in your App and carry out the transactions through your Merchant Network.

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