There are 23 life insurance companies are present in India but only 14 companies are providing micro insurance

products this

clearly give an idea of low attraction of majority of companies towards these products. Below is the list of micro insurance products

along with the name of companiesMicro Insurance Products in India

Financial Year Name of the Product

2007-08 Bajaj Allianz Jana Vikas Yojana

2007-08 Bajaj Allianz Saral Suraksha Yojana

2007-08 Bajaj Allianz Alp Nivesh Yojana

   
2007-08 Grameen Suraksha
   

2007-08 Birla Sun Life Insurance Bima Suraksha Super

2007-08 Birla Sun Life Insurance Bima Dhan Sanchay

   

2008-09 ICICI Pru Sarv Jana Suraksha

   
2007-08 ING Vysya Saral Suraksha
   
2006-07 LIC's Jeevan Madhur
2009-10 LIC's Jeevan Mangal 
   
2008-09 Met Vishwas
   
2007-08 SBI Life Grameen Shakti
2007-08 SBI Life Grameen Super Suraksha
   
2006-07 Ayushman Yojana
2006-07 Navkalyan Yojana
2006-07 Sampoorn Bima Yojana
2008-09 Tata AIG Sumangal Bima Yojana
   
2006-07 Sahara Sahayog (Micro Endowment Insurance without profit plan)

   

   
2008-09 IDBI Fortis Group Microsurance Plan
   
2008-09 DLF Pramerica Sarv Suraksha
   

Microinsurance products
Microinsurance, like regular insurance, may be offered for a wide variety of risks. These include
both health risks (illness, injury, or death) and property risks (damage or loss). A wide variety of
microinsurance products exist to address these risks, including crop insurance, livestock/cattle
insurance, insurance for theft or fire, health insurance, term life insurance, death insurance,
disability insurance, insurance for natural disasters, etc.

Life Insurance Corporation of India (LIC) was established on 1 September

1956 to spread the message of life insurance in the country and mobilise people’s
savings for nation-building activities. LIC with its central office in Mumbai and seven
zonal offices at Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal,
operates through 100 divisional offices in important cities and 2,048 branch offices. LIC
has 5.59 lakh active agents spread over the country.
The Corporation also transacts business abroad and has offices in Fiji, Mauritius and
United Kingdom. LIC is associated with joint ventures abroad in the field of insurance,
namely, Ken-India Assurance Company Limited, Nairobi; United Oriental Assurance
Company Limited, Kuala Lumpur; and Life Insurance Corporation (International), E.C.
Bahrain. It has also entered into an agreement with the Sun Life (UK) for marketing unit
linked life insurance and pension policies in U.K.
In 1995-96, LIC had a total income from premium and investments of $ 5 Billion while
GIC recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's income
grew at a healthy average of 10 per cent as against the industry's 6.7 per cent growth in
the rest of Asia (3.4 per cent in Europe, 1.4 per cent in the US).
LIC has even provided insurance cover to five million people living below the poverty
line, with 50 per cent subsidy in the premium rates. LIC's claims settlement ratio at 95
per cent and GIC's at 74 per cent are higher than that of global average of 40 per cent.
Compounded annual growth rate for Life insurance business has been 19.22 per cent
per annum.
The introduction of private players in the industry has added to the colors in the dull
industry. The initiatives taken by the private players are very competitive and have given
immense competition to the on time monopoly of the market LIC. Since the advent of
the private players in the market the industry has seen new and innovative steps taken
by the players in this sector. The new players have improved

the service quality of the insurance. As a result LIC down the years have seen the
declining phase in its career. The market share was distributed among the private
players. Though LIC still holds the 75% of the insurance sector but the upcoming
natures of these private players are enough to give more competition to LIC in the near
future. LIC market share has decreased from 95% (2002-03) to 82 %( 2004- 05).

• ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse and prudential plc, a leading international financial
services group headquartered in the United Kingdom. ICICI Prudential was amongst the
first private sector insurance companies to begin operations in December 2000 after
receiving approval from Insurance Regulatory Development Authority (IRDA). The
company has a network of about 56,000 advisors; as well as 7 banc assurance and 150
corporate agent tie-ups.

• Birla Sun Life Insurance Company Ltd.

Established in 2000, Birla Sun Life Insurance Company Limited (BSLI) is a joint venture
between the Aditya Birla Group, a well known and trusted name globally amongst Indian
conglomerates and Sun Life Financial Inc, leading international financial services
organization from Canada. The local knowledge of the Aditya Birla Group combined
with the domain expertise of Sun Life Financial Inc., offers a formidable protection for its
customers’ future.

• Tata AIG Life Insurance Company Ltd.

Tata AIG Life Insurance Company Ltd. "Tata AIG Life" offers a broad array of life
insurance products to individuals, associations and businesses of all sizes, with a wide
variety of additional coverage to ensure our customers can find an insurance product to
meet their needs.
Tata AIG Life is a joint venture of the Tata Group and American International

Group, Inc. (AIG). They operate in 11 states with a specific relationship management
team for each state. A dedicated & trained sales and marketing team manages the front
end of the Micro insurance program. Our micro insurance distribution model
collaborates with NGO’s (Non-governmental organisations) and Rural organizations
with community level SHG (Self Help Group) women advisors who provide insurance
advisory services to the rural customers at their doorstep.

• SBI Life Insurance Company Limited

SBI Life Insurance Company Limited is a joint venture between the State Bank of India
and BNP Paribas Assurance. SBI Life Insurance is registered with an authorized capital
of Rs 2000 crores and a Paid-up capital of Rs 1000 Crores. SBI owns 74% of the total
capital and BNP Paribas Assurance the remaining 26%. State Bank of India enjoys the
largest banking franchise in India. Along with its 6 Associate Banks, SBI Group has the
unrivalled strength of over 16,000 branches across
the country, arguably the largest in the world.
SBI Life has a unique multi-distribution model encompassing vibrant Bancassurance,
Retail Agency, Institutional Alliances and Corporate Solutions distribution channels. SBI
Life extensively leverages the SBI Group as a platform for cross-selling insurance
products along with its numerous banking product packages such as housing loans and
personal loans. SBI’s access to over 100 million accounts across the country provides a
vibrant base for insurance penetration across every region and economic strata in the
country ensuring true financial inclusion.

• ING Vysya Life Insurance Company Private Limited

ING Vysya Life Insurance (ING Life), a part of the ING Group the world’s largest
financial services corporation entered the private life insurance industry in India in
September 2001. Headquartered at Bangalore, ING Life India is staffed by over 6,000
employees and services more than 10 lakhs customers. ING Life India is a joint venture
between ING Group (ING Insurance International B.V.) & Exide Industries. ING Life has
a pan India network, and distributes its products through two channels, the Tied Agency
Force and the Alternate Channel. The Tied Agency force comprises of over 60,000 ING
Life Advisors, spread across the country. The channel has branches in 234 cities, and
366 sales teams across the
country. The Alternate Channels business within ING Life is one of the fastest growing
distribution channels. The company currently has tie ups with over 200 cooperative
bank across the country. The Alternate Channels division has Bancassurance (ING
Vysya Bank), Referral Banks, Corporate Agents, Brokers and SMINCE.

• Allianz Bajaj Life Insurance Company Ltd.

Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance
Company and Bajaj Finserv. Allianz SE is a leading insurance conglomerate globally
and one of the largest asset managers in the world, managing assets worth over a
Trillion (Over INR. 55, 00,000 Crores). Allianz SE has over 115 years of financial
experience and is present in over 70 countries around the world.

• Metlife India Insurance Company Pvt. Ltd.

MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc. and
was incorporated as a joint venture between MetLife International Holdings, Inc., The
Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private
investors. MetLife is one of the fastest growing life insurance companies in the country.
It serves its customers by offering a range of innovative products to individuals and
group customers at more than 600 locations through its bank partners and company-
owned offices. MetLife has more than 50,000 Financial Advisors, who help customers
achieve peace of mind across the length and breadth of the country.
•

Aviva Life Insurance Company India Limited

Aviva India is a joint venture between one of the country’s oldest and largest groups,
Dabur, and Aviva plc, the UK's largest insurance group, whose association with India
dates back to 1834. With a strong sales force of over 30,000 Financial

Planning Advisers (FPAs), we have initiated and pioneered many innovative sales
approaches, including the concept of Bancassurance and Financial Health Check
services. We are among the first companies to introduce the contemporary unit- linked
products With a wide distribution network of 195 branches and close to 40
Bancassurance partnerships, we are spread across nearly 3,000 towns and cities in
India.
•

Sahara India life insurance

The Sahara Pariwar’s latest foray is in the field of Life Insurance. The Pariwar’s life
insurance company – Sahara India Life Insurance Company Ltd.- has been granted
licence by the insurance regulator – the IRDA on 6th February 2004. With this approval
Sahara India Life Insurance Company Ltd. becomes the first wholly and purely Indian
company, without any foreign collaboration to enter the Indian Life insurance market.
The launch is with an initial paid up capital of 157 crores. The Chairman of the company
is Shri Subrata Roy Sahara who is also the Chairman of Sahara Pariwar.

Help to low income group

Losses due to natural disasters, fire or death of a family member can be

devastating for anyone. For micro entrepreneurs and other low-income
populations, even common illness can wipe out a lifetime of work, leaving them
without any resources to start over. Micro insurance products can help mitigate
the effects of losses on clients and their families so that they can retain and build
on the gains they have worked so hard to achieve and continue on the path out
of poverty.
Micro insurance is a nascent industry, which has made significant strides in the
last few years. Products are specially designed to meet the needs of poor clients:
premium payments are kept to a minimum, terms and conditions are clear and
simple, and exclusions and requirements such as medical examinations are
avoided to the greatest extent possible. Micro insurance includes but is not
limited to: Life, Health, Accidental Death and Disability, and Property products.  

It believes that in order to meet the varied financial needs of customers, it is

important for microfinance institutions (MFIs) to include micro insurance in a
broader menu of financial services offered to clients. As death and illness are the
most imminent threat faced by poor people, the products in highest demand
across the globe are related to life and health. The range of complexity between
the two types are significant: life products are easier to design, price and
administer than health products which cover multiple events, and varying types of
illnesses and medical conditions. In addition, health products rely on the
strengths and weaknesses of the health care system in each country: the quality
and availability of doctors, medical facilities and medicine. Accordingly, most of
the partners offer some form of life insurance, and despite its difficulty, some
offer health products as well.