Sustainability & Growth Of Micro Insurance: A Case Of Insurance Company Of India
India is a developing country and its sectors are getting rapid growth. India is called as young nation and marked as second populated country in the whole world, but a larger proportion of population is without insurance. IRDA and Government of India has launched various insurance schemes for the upliftment of vulnerable section of society. In 2019-20 total beneficiary was 18.22 crores in Pradhan Mantri Surakha Bima Yojana and in Pradhan Mantra Jivan Jyoti Yojana it was 6.85 crores. The New business under the micro insurance segment for the year 2019-20 stood 10.28 lakhs and new policies with premiums of 226.66 crores. For vulnerable poor people micro insurance is the protective safe guard against all problems. Micro Insurance growth has been increased in the past decade. For reducing inequality and sustainable development of poor people micro insurance plays a vital role as economic instrument. The main objective of this study is to measure the development of micro insurance in India. Present study will analyze the factors responsible for sustainable development of micro insurance. Studies will analysis the Government initiative for the sustainable development of micro insurance in India.