Highlights of Inclusive Insurance
Highlights of Inclusive Insurance: Increasing access to inclusive insurance is especially important in developing countries where the vast majority is deprived of necessities. These families then work day and night to improve the standard of living. Often entire families including aged individuals as well as under aged children work extensive hours in heart-wrenching conditions at less than minimum wages in order to eat.
Their condition further deteriorates in case of any mishap, as insurance is unheard of for their lot.
Inclusive Insurance
Much thought has been given to the introduction of financing projects targeting this specific class of people. This type of insurance is referred to as micro-insurance or inclusive insurance and strives to help the low-income segment of any society.
The Decrease in Awareness
Increasing Awareness regarding inclusive insurance is the first and the foremost step that needs to be taken. The question then arises as to why awareness needs to be created? Surely everyone knows about insurance and all the benefits that it offers? The answer is no.
The resounding reality is that the percentage of population that is most vulnerable and in greatest need of insurance is deprived of it. The concept is foreign to the vast majority and thus penetrating this particular niche to benefit the people has not been very successful.
The fact remains that the general population is not all standing at the same level with respect to economic security. The majority is of those people who desperately need insurance in order to have a helping hand and be able to recover in the case of a mishap. This is also the fragment that is unable to afford premiums demanded by the insurance companies, and this is the piece of population that inclusive insurance would target.
Benefits of increasing access to inclusive insurance would be far too many. At a glance, it is evident that families would be able to lead better lifestyles and be able to recover much quicker in the event of a calamity. Talking in a broader perspective, this can help boost the economy of a country and improve the quality of life for many.
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