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Unit 1
Rural insurance-Need
• India's life insurance market is booming. From a single company a decade ago to
18 active players today, the market has grown at a healthy CAGR of 24% over the
past five years. But most of this growth is coming from the urban areas.
• The rural India is witnessing a surge of income growth, and the propensity to
consume financial products has increased considerably in recent years.
• With increased urbanization, the rural centers' contribution to the national GDP
has come down in percentage but increased significantly in value. Insurance
providers are working overtime to ensure that this additional wealth is effectively
channeled.
Obligations of companies
• Rural sector definition:- place wheer the population (as
pet the latest census) is NOT more than 4500 and at
least 75% of the male population is engaged in
agriculture”
Cattle Insurance:-
• Min perm of Rs 50
• Fish insurance
• Floriculture insurance
• Weather insurance
Miscellaneous Insurance
• Burglary Policy
Policy is designed to cover business premises only like godown,
factory, office etc.
Scope of cover