How Microinsurance is protecting the economically marginalised farmers
Micro insurance is a type of insurance that is designed
to provide
coverage to individuals with low incomes and limited access to
traditional insurance products. Micro insurance has become an
important tool for protecting economically marginalized farmers, who
are often at risk of losing their livelihoods due to crop failures,
natural
disasters, and other unforeseen events. At a very minimal premium
amount, Microinsurance offers financial protection against many
unforeseen situations that may affect these farmers and their
families.
Here are some of the ways that micro insurance is protecting
economically marginalized farmers:
1. Crop insurance: Crop insurance policies protect farmers against
the loss of their crops due to weather-related events such as
droughts, floods, and storms. These policies provide farmers with
financial assistance to help them recover from crop losses and
continue farming.
2. Livestock insurance:The livestock insurance policies protect
farmers against the loss of their animals due to disease, theft, or
other unexpected events. These policies provide farmers with
financial assistance to help them replace their livestock and
continue their livelihoods.
4. Weather index insurance:Some micro insurance providers offer
weather index insurance, which pays out benefits based on
specific weather events that are known to affect crop yields. For
example, if there is a certain amount of rainfall or lack of rainfall
during a particular season, farmers who have weather index
insurance policies will receive pay-outs to help them recover from any
losses.
Overall, micro insurance is an important tool for protecting
economically marginalized farmers, who are often at risk of losing their
livelihoods due to events beyond their control. By providing affordable
and accessible insurance products, micro insurance providers are
helping to create more resilient and sustainable farming communities.
About MicroNsure
MicroNsure is a technology led Microinsurance consulting and distribution
company. We are
committed to bringing financial inclusion to the economically vulnerable
section of our society
by offering simple, hassle-free, and affordable microinsurance solutions.
To know more about our services and products do write to us at
madhulika@micronsure.com
Disclaimer
Insurance is offered by Svojas Insurance Broking and Risk Management Services
Private Limited
(CIN U67120TG2017PTC118828).
IRDAI Broking License Code No. DB 718/17, Certificate No. 627, License
category- Direct Broker
(Life & General), valid till 09/11/2023.
Insurance is the subject matter of the solicitation. Product information is
solely based on the
information received from the insurers. For more details on risk factors,
associated terms and
conditions, and exclusions, please read the sales brochure carefully of the
respective insurer
before concluding a sale.
For more information on Svojas Insurance Brokers visit
www.svojasinsurancebrokers.com
