Micro Insurance

What is Micro Insurance?

Micro insurance is a financial arrangement to protect low-income customers against specific perils in
exchange for regular surcharge payments proportionate to the likelihood and cost of the risk involved. It is
synonymous to result-based financing arrangements, including community health funds, mutual health
organizations, health insurance, revolving drugs funds, and community involvement in user-fee management.

General Micro Insurance:

It covers health insurance, personal accidents, and assets such as livestock, hut, etc. This product can be
availed at an individual or a group basis.

Life Micro Insurance:

It can be purchased at an individual or a group level and with or without an accident benefit. Such plans
can also be related to health insurance.

How does it work?

• These policies are distributed via Non-governmental Organizations (NGOs),
  Self-help Groups, and Micro-finance Institutions.
• They have the privilege to offer combined covers or a packaged product
  belonging to either the General Insurance or the Life Insurance category.
• The premium for such plans is nominal to widen the stick out and secure
  engagement at a large scale.

Advantages

• Term Micro Insurance
• Endowment/Pension Micro Insurance
• Health Micro Insurance
• Property Microinsurance

Importance

• An accessible risk-management tool to reduce financial vulnerability in
  times of adversity.
• The affordable premium of such plans is an incentive for better reach in
  an organized manner.
• Covers the policyholder’s financial liability as per the chosen plan.
• Positive change in poor people’s perception of insurance.

FidyPay activates micro insurance through a very simple, easy and less intrest rate. Just integrate our SDK
in your App and carry out the transactions through your Merchant Network.