Abstract
Review of Progress and Potential of Micro Insurance in India
Highlights
Background of aAtal Pension Yojana (APY)New Universal Pension Scheme:The new pension scheme can be analysed better with the help of following chart: National Pension System (NPS)Introduced in 2004 for new entrants to Central Government service, except for the Armed ForcesNPS was opened to all citizens from 1st May, 2009 on a voluntary basisVoluntary pillar of NPS was extended to cover the unorganised sectorNPS Swavalamb an Temporary subsidy provided when member contributes towards NPS-S (NPS-S) launched in 2010Successor of NPSSwavalambanThe embedded effective interest rate for a 18 year old entrant is 6.8% p.aAtal Pension Yojana (APY) launched inThe older a subscriber, the lower the guaranteed rate of return
The scope of study is limited to growth in micro insurance sector post liberalization and is mainly in context of India
Analysis is done by analysing various Insurance Regulatory and Development Authority (IRDA) regulations and analysis is presented in the form of models
Summary
To analyse the initiatives taken and progress made so far by Micro Insurance in India. Analysis is done using secondary resources collected from the authentic sources and regulatory bodies. The scope of study is limited to growth in micro insurance sector post liberalization and is mainly in context of India. Analysis is done by analysing various IRDA regulations and analysis is presented in the form of models. The social security lies in: Who pays the premium: Govt. The model of India predicting the differences between commercial/ conventional insurance and social insurance is as follows: Social Security Schemes The social security lies in: Who pays the premium: Govt. or Subscriber? Who underwrites the risk: Govt. or Insurer? Based on this classification, the model of India predicting the differences between commercial/ conventional insurance and social insurance is as follows: Social Security Schemes
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