A study on policy holders perception towards micro insurance with special reference to Coimbatore city

Abstract

Micro insurance, commonly called as insurance for the poor, has recently drawn the attention of practitioners in developing countries. In common parlance, micro insurance is the provision of insurance services to low-income households, which serves as an important tool to reduce risks for the already vulnerable population. The main objective of the study taken was to identify and evaluate socio-economic determinants of Micro insurance, in Coimbatore city and to identify problems and issues relating to micro insurance such as product design, pricing, claim settlements. For this study Simple percentage, Mean Rank were adopted. The findings were most of the respondents are taken LIC of India, andgivenfirst priority to Premium amount. This study suggests that, lack of understanding, awareness, extension services and betterment of insurance market that grossly affect wider use of insurance products and its uptake, uniquely, among low-income groups. This paper concludes that while taking micro insurance policies was very helpful to the policyholders to run their family, to make startups, and also micro insurance become emerging trends between the policyholders.