Insurance Regulatory and Development Authority of India (IRDAI) has created a special category of insurance policies called micro-insurance policies to promote insurance coverage among economically vulnerable sections of society.

The IRDA Micro-insurance Regulations, 2005 defines and enables micro-insurance

A micro-insurance policy is:
A general or life insurance policy with a sum assured of Rs 50,000 or less
A general micro-insurance product is any:
Health insurance contract
Any contract covering belongings such as
Hut
Livestock
Tools or instruments or
Any personal accident contract
They can be on an individual or group basis

A life micro-insurance product is:
A term insurance contract with or without return of premium
Any endowment insurance contract or
A health insurance contract
They can be with or without an accident benefit rider and
Either on an individual or group basis
There is flexibility in the regulations for insurers to offer composite covers or package products that include life and general insurance covers together

Intermediaries:

Micro- insurance business is done through the following intermediaries:
Non-Government Organisations
Self-Help Groups
Micro-Finance Institutions

Contact:

Head Office: Hyderabad
3rd Floor, Parisrama Bhavan,
Basheer Bagh,
Hyderabad - 500004,
Telangana, INDIA
+91 40 2338 1100
+91 40 6682 3334