What is meant by Micro insurance?
Firstly, a micro insurance is a type of insurance policy that is specially developed for low-income people. This type of policy insurance is designed for people to buy insurance coverage who can’t afford to buy the costly insurance. The online generalinsurance micro insurance plans help the low-income people against the suddenly occurring unforeseen events.
What are the sectors does the micro insurance plans covers?
The followings are the sectors which the best general insurance micro insurance plans cover and they are:
- Health Insurance
Micro insurance policy gives you the coverage of Health insurance. In these schemes, the micro insurance company will provide you with the fund towards the very complex situations that involve the role of health care. As you all know that health problems are one of the costliest problems whether for poor or rich. So the health insurances are one of the most important insurance that the micro insurance covers.
- Property insurance
The second sector that the general insurance micro insurance policy covers is the property insurance. The micro insurance company will provide you with the fund when there will be severe damage or loss to the homes, personal property or assets. If the severe damage or loss occurs due natural disasters like the hurricane, tornados and earthquake or the suddenly occurring events like fire, whether or theft, then the insurance company will help you in these matters.
- Funeral and life insurance
The funeral and life insurance are another type of sector that is covered by the general insurance micro insurance plans quotes covers. After the death of the individual, the micro insurance company will provide the lump sum money to his or her family members so that their life can run smoothly without any difficulties.
- Income protection
In the income protection insurance, the micro insurance company will provide you with the money for the replacement of income. It means the insurance company will provide the money when you don’t have a job so that your life can run smoothly after retirement also.
What are the features of the Micro insurance plan?
The followings are the main features of the micro insurance policy plans:
The scheme of micro insurance plan policy is one of the simplest policies that can be understood by every person. This policy is made so simple because the people with limited education can easily understand the workings and the protections the insurance company will provide. This type of policy is really easy to explain to the individuals.
You all know that the micro insurance policy is mostly for the people who live in rural areas. Unluckily there are no offices in the rural areas. So the insurance company solves their problems or connects to the people through the non – traditional channels. For example, micro insurance companies provide SMS to the people by sharing the detailed information of the insurance products to the people.
Compare general insurance micro insurance plan with other insurance schemes to get the best plan. It is easy to afford. The premium that you have to pay is also less.