Economics · Insurance Sector
In the context of the Insurance Regulatory and Development Authority of India (IRDAI), what distinguishes a Micro Insurance Product from a regular insurance product?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The claims for micro insurance products are settled directly by IRDAI, not the insurance company.
- 2They are products designed to meet the needs of the low-income segment of society, with a low premium ceiling and a low sum assured limit.✓
- 3Micro insurance products must necessarily be unit-linked plans (ULIPs).
- 4Micro insurance products can only be sold by general insurance companies, not life insurance companies.
Correct answer
They are products designed to meet the needs of the low-income segment of society, with a low premium ceiling and a low sum assured limit.
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