Accessibility and affordability for migrant population is already a tough task which has been aggravated due the COVID-19 pandemic, which particularly hit them rather hard.
Women’s status in these communities is particularly low, as they are excluded for decision-making.
There is a degree of uncertainty caused by various sources of vulnerability for low-income households, such as life cycle events, death, disability, loss of property, disaster, sudden crisis, etc. Correspondingly, the resulting losses or costs for each of these sources of vulnerability can vary from small to very large.
But as risks tend to get more and more uncertain, the losses increase and simple savings and loan activities may not be able to cope with those losses. And ultimately, the impact of the said crisis affects the family very adversely and ultimately affecting the economic growth of our nation.
Women and their children are the worst affected due to sudden loss that cannot be mitigated.
Micro Insurance protects households against those risks that they are unable to cope up by themselves through informal mechanisms, savings or credit. With close association of Life Insurance Corporation of India, under the Micro Insurance Scheme, we have covered several below poverty line families by attitudinal change and establish a continuous output-based linkage between community and micro insurance. This crisis management scheme resolved several unexpected crisis by settlement of death claims at doorstep of affected.
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