LIC to come up with micro-insurance products for rural IndiaThe Life Insurance Corporation of India (LIC) has suggested that insurance companies should jointly work as a virtual corporation to offer micro-insurance products such as life, health and general insurance.
Apnainsurance.com Research Bureau
11 Jun 2008
To increase the insurance penetration in rural area, Life Insurance Corporation of India (LIC) has suggested that insurance companies should jointly work as a 'virtual corporation' and pool resources to offer a micro-insurance products. These products could be any of these, life, health and general insurance. This step will make insurance affordable for the rural consumer. Proper use of technology will make it more effective.
Instead of the fact that 60 percent of the Indian population still resides in rural area, only 1 crore policies out of 5 crore were sold. This shows the huge potential in this untapped market.