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ANNUAL REPORT 2011-12<br />
formulated the micro insurance regulations. Micro<br />
Insurance Regulation, 2005 provides a platform to<br />
distribute insurance products, which are affordable to<br />
the rural and urban poor and to enable micro insurance<br />
to be an integral part of the country’s wider insurance<br />
system.<br />
I.4.11.2 The main thrust of micro insurance regulations<br />
is protection of low income people with affordable<br />
insurance products to help cope with and recover from<br />
common risks with standardised popular insurance<br />
products adhering to certain levels of cover, premium<br />
and benefit standards. These regulations have allowed<br />
Non Government Organizations (NGOs) and Self Help<br />
Groups (SHGs) to act as agents to insurance<br />
companies in marketing the micro insurance product<br />
TABLE I.51<br />
NEW BUSINESS UNDER MICRO<br />
INSURANCE PORTFOLIO<br />
Insurer Individual Group<br />
(Premium in ` lakh)<br />
Policies Premium Schemes Premium Lives<br />
covered<br />
Private 793660 964.22 112 1150.67 750555<br />
LIC 3826783 10603.49 5461 9831.63 9444349<br />
Total 4620443 11567.71 5573 10982.30 10194904<br />
Note: New business premium includes fi rst year premium<br />
and single premium.<br />
TABLE I.52<br />
MICRO INSURANCE AGENTS OF LIFE INSURERS<br />
Insurer<br />
As on<br />
1 st April,<br />
2011<br />
and have also allowed both life and non-life insurers<br />
to promote combi-micro insurance products.<br />
Life Insurance Sector<br />
Additions<br />
during<br />
2011-12<br />
Deletions<br />
during<br />
2011-12<br />
As on<br />
31 st March,<br />
2012<br />
Private 758 541 48 1251<br />
LIC 9724 2910 1088 11546<br />
Total 10482 3451 1136 12797<br />
I.4.11.3 While the individual new business premium<br />
under the micro insurance segment in the year stood<br />
at `115.68 crore for 46.20 lakh new policies, the group<br />
business premium amounted to `109.82 crore<br />
covering 1.02 crore lives. LIC contributed to a<br />
signifi cant component of the business procured in this<br />
portfolio by garnering `106.03 crore of individual new<br />
business premium providing cover to 38.26 lakh lives<br />
and `98.32 crore of group premium covering 94.44<br />
lakh lives.<br />
I.4.11.4 The number of micro insurance agents at the<br />
end of March 2012 stood at 12,797; of which 11,546<br />
agents pertained to the LIC and the remaining<br />
represented the private sector companies. Fifteen life<br />
insurers have so far launched 30 micro insurance<br />
TABLE I.53<br />
INDIVIDUAL DEATH CLAIMS UNDER MICRO INSURANCE PORTFOLIO<br />
(Benefi t Amount in ` lakh)<br />
Insurer<br />
Total Claims<br />
Payable<br />
Claims paid Claims repudiated Claims pending as on<br />
March 31, 2012<br />
No. of<br />
Policies<br />
Benefit<br />
Amount<br />
No. of<br />
Policies<br />
Benefit<br />
Amount<br />
No. of<br />
Policies<br />
Benefit<br />
Amount<br />
No. of<br />
Policies<br />
Benefit<br />
Amount<br />
Private 5033<br />
(100.00)<br />
LIC 9615<br />
(100.00)<br />
Total 14648<br />
(100.00)<br />
580.83<br />
(100.00)<br />
1558.1<br />
(100.00)<br />
2138.9<br />
(100.00)<br />
5010<br />
(99.54)<br />
9499<br />
(98.79)<br />
14509<br />
(99.05)<br />
568.72<br />
(97.92)<br />
1540.40<br />
(98.87)<br />
2109.12<br />
(98.61)<br />
20<br />
(0.40)<br />
99<br />
(1.03)<br />
119<br />
(0.81)<br />
11.96<br />
(2.06)<br />
14.50<br />
(0.93)<br />
26.46<br />
(1.24)<br />
3<br />
(0.06)<br />
17<br />
(0.18)<br />
20<br />
(0.14)<br />
0.15<br />
(0.03)<br />
3.18<br />
(0.20)<br />
3.33<br />
(0.16)<br />
Note: Figures in brackets show percentage of the respective total claims.<br />
71
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