Microinsurance is the provision of insurance to poor and low income households. The concept is to charge very small premiums from a large group whose risk profile or exposure to risk is similar and provide it to the nominee of unfortunate one. Basically it is a pooling and sharing exercise. Here people having similar risk exposure gathers the money. The participants control over the insured event should be minimum and insurable interest should always be there. Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ...

The term and concept has gained popularity in recent past because a lot of microfinance institutions and development organizations are involved in it. Microfinance is a term for the practice of providing financial services, such as microcredit, microsavings or microinsurance to poor people. ...

Innovative practices are being used to efficiently reach the low income groups because the amount of transaction is very low. Innovative channels like tie-ups with banks having strong branch networks, NGOs, post offices etc. are playing an important role. NGO is an abbreviation or code for: Non-governmental organization Nagoya Airport (IATA code) This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ...

In India it comes under the perview of Insurance Regulatory and Development Authority and it is mendatory for all insurance companies to bring a certain percentage of business from government defined rural and social areas. This minimum limit varies from year to year. IRDA was formed by an act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements. ...

External links

• FAQs regarding MicroInsurance
• One stop place for all Donator / funding site
• Microinsurance Conference to be held in November 2007