Learn About Micro Insurance - IndiaFirst Life Knowledge Center

Micro Insurance: Financial Security Even on A Limited Income

Micro-Insurance: Financial Security Even on A Limited Income

Insurance is important for everyone’s financial security as it protects you from unexpected events such as accidents, illnesses or death. However, not everyone can afford the premium that is required to provide adequate coverage, especially as the policy can last for years.  

The good news is that insurers can also offer micro-insurance for those who cannot afford traditional life insurance.

What Is Micro-Insurance?

Micro-insurance is a form of insurance that is specifically designed to provide coverage to low-income families. It offers smaller coverage amounts and shorter policy durations, at a much lower cost than traditional life insurance policies. To help you manage and recover from unexpected financial losses caused by illness or accidents or save systematically for your upcoming financial goals such as your children’s education or business purchases. By making insurance affordable and accessible, micro-insurance can make you financially stable to better manage your resources and achieve your aspirations.  

Types of micro-insurance: Life and Nonlife There are 2 types of micro-insurance:

General micro-insurance Health insurance, personal accidents, and assets such as livestock, house, machinery or equipment, agricultural produce, etc are some examples of micro-insurance. You can purchase this as an individual or even via group-based insurance.

Life micro-insurance Term plan and endowment plan are two types of micro-insurance products in this category.

Benefits of micro -insurance: Start small, save big

Affordable coverage:
The low premium makes it viable even for individuals without retirement savings or low-wage earners to be covered.

Need-based:
The plans are tailored to cover specific risks such as illness, injury, or death, as well as assets such as livestock or small businesses.

Promotes financial inclusivity:
By offering protection to a segment of society that cannot afford traditional insurance, micro insurance makes insurance accessible and affordable.

Easily accessible:
Micro-insurance policies, are distributed via Non-governmental Organizations (NGOs), Self-help Groups, and Micro-finance Institutions.

Creates a positive mindset:
By making financial security affordable, micro-insurance empowers low-income earners to financially secure their family’s future.

Tax benefits:
The premiums paid, and pay-outs are exempted from tax.

Before taking a micro-insurance plan, it is advisable to speak with a financial advisor or insurance agent to determine which product is best suited for your unique situation. IndiaFirst Life, a life insurance company, has customised its micro life insurance products to better suit its customers’ needs.

IndiaFirst Life Guaranteed Protection Plus Plan

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Product Name: IndiaFirst Life Guaranteed Protection Plus Plan
Dropdown Field: Tax Saving
Product Description: Need a protection plan that is tailored especially for your needs? Look no further! This plan aims to give you and your family financial security in an easy and convenient way.
Product Benefits: Option to Get Your Money Back (ROP)
Tailormade plans
Flexibility to pay premiums at your convenience.
Insure your spouse in the same policy
Cover till 99 years of age
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More

IndiaFirst Life Plan

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Product Name: IndiaFirst Life Plan
Dropdown Field: Tax Saving
Product Description: A protection plan for your family that helps them stand independently! IndiaFirst Life Plan gives your family a financial cushion to fall back on in your absence.
Product Benefits: Flexibility to choose the duration
Family will receive the payout
Flexibility to choose the assured amount
Long term protection
Tax* benefits
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More

IndiaFirst Life Radiance Smart Invest Plan

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Product Name: IndiaFirst Life Radiance Smart Invest Plan
Dropdown Field: Investment
Product Description: Have you heard of a plan that not only gives you a life cover but also helps in wealth creation? Enjoy 2 benefits in 1 plan with IndiaFirst Life Radiance Smart Invest Plan.
Product Benefits: Zero Fund allocation charges
10 different funds to choose from
3 plan options to achieve your investment goals
100% money invested for higher returns
Life cover charges returned at the end of policy year
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More

IndiaFirst Life Guarantee of Life Dreams Plan

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Product Name: IndiaFirst Life Guarantee of Life Dreams Plan
Dropdown Field: Savings
Product Description: Wouldn't it be wonderful if we had a second source of income to support our dreams? Here is a way to make your dreams come true where you can start earning an income from the end of the 1st month itself.
Product Benefits: Choice of 3 income Options
Guaranteed Long-Term Income
Life Insurance Cover
Benefits of long-term Savings.
Protection even if you miss one premium.
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More

Indiafirst Life Guaranteed Single Premium Plan

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Product Name: Indiafirst Life Guaranteed Single Premium Plan
Dropdown Field: Guaranteed Returns
Product Description: Wondering if there is a way to get 7x return on your investments? Your search ends here! With this single payment plan, you can achieve your financial goals.
Product Benefits: Guaranteed 7x returns on investment
One-time payment (Single Pay)
Tax saving benefits
Life Cover that is 1.25 times higher
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More

IndiaFirst Life Guaranteed Pension Plan

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Product Name: IndiaFirst Life Guaranteed Pension Plan
Dropdown Field: Retirement
Product Description: Make your golden years truly golden! Invest in the Guaranteed Pension Plan that is designed to guarantee an income for as long as you live.
Product Benefits: Receive income during retirement years.
Choose among 5 different annuities.
Option to extend pension benefits to loved ones.
Return of purchase price
Increasing annuity(pension) option
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More