The Efficacy of Micro Life Insurance on Poverty Alleviation in India
Journal Title: Journal of Corporate Governance, Insurance, and Risk Management - Year 2024, Vol 11, Issue 1
Abstract
This study delineates the current landscape and effectiveness of micro life insurance in India, with a particular focus on its utility for economically disadvantaged populations. Utilizing descriptive statistics, bar diagrams, tables, figures, and scatter plots, the analysis reveals a positive trend in the coverage of lives under micro life insurance, concomitant with an increase in the number of agents. The life insurance corporation of India (LIC) plays a predominant role relative to private insurers, with group insurance schemes proving more effective than individual schemes. Furthermore, factors such as education, age, family size, wealth, financial literacy, bequest motives, and saving behaviors are identified as significant determinants of microinsurance uptake. Critically, micro life insurance is shown to substantially reduce out-of-pocket expenditure (OOP) and alleviate financial hardships among the poor, thereby contributing to poverty reduction. This comprehensive examination not only underscores the expanding reach and impact of micro life insurance but also emphasizes its strategic role in mitigating poverty within vulnerable segments of the population.
Authors and Affiliations
Gayatri Satapathy, Alok Ranjan Behera
Keywords
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- EP ID EP738946
- DOI https://doi.org/10.56578/jcgirm110103
- Views 59
- Downloads 1
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