Contents:
- Medical Video: Minimum Target For LIC Agent Full Details In Hindi | Minimum Business Guarantee Norms LIC | Target
- What is micro insurance?
- Benefits of joining microinsurance
- Simple
- Easy
- Economical
- Immediately
- Tips for buying micro insurance
Medical Video: Minimum Target For LIC Agent Full Details In Hindi | Minimum Business Guarantee Norms LIC | Target
During this time you might think that insurance includes luxury facilities that can only be owned by wealthy people. Even though, it's not always like that. There is insurance that is specifically made for people who have mediocre income. The name is micro insurance.
Quoting Kontan, the total policy holders of this product have reached 21.79 million in 2017. The number has increased by 12.26% compared to the position in 2016 which reached 19.41 million. Still confused about what is micro insurance? Come on, see more!
What is micro insurance?
Microinsurance is an insurance product specifically for the community with a monthly income of no more than Rp. 2,500,000 (two million five hundred thousand rupiah). This insurance is intended so that people who have mediocre income can still have insurance as a form of guarantee of their protection in the present and the future.
Just like other insurance, micro insurance is offered in various forms such as:
- Life insurancefor compensation for funeral fees and payment of the remaining loans to financial institutions providing loans.
- Loss insurance for the construction of a house or place of business after experiencing a disaster such as a natural disaster, or a fire and flood.
- Health Insurance for hospital financing and cash compensation in lieu of income if participants are sick or take care of sick family members.
Benefits of joining microinsurance
The micro insurance program has been adapted to the needs and capabilities of the minimum income community, namely simple, easy, economical and immediate (SMES). Here are the details:
Simple
The form and type of insurance is not complicated because it does not use a policy that is long and difficult to understand. Insurance policies or contracts have simple administrative features and processes that are easy to understand. The policy is only a certificate (two pages back and forth).
While regular (non-micro) insurance policy contracts can be pages and pages, some even in the form of books. Usually the policy contains terms and conditions that are broad and difficult to understand.
In addition to its provisions, microinsurance has only a few exceptions. Non-micro insurance has many exceptions.
Easy
This one insurance product is very easy to get. You can withdraw compensation at the minimarket, post office, kiosk, pawnshop outlet, village head office, community, and other places that have been determined both personally and in groups. Meanwhile, non-micro insurance claims are generally carried out at the insurance branch office through an agent or broker.
Moreover, microinsurance does not require a health check first when applying for insurance. Whereas non-micro insurance is usually required to check health before applying for a policy.
Economical
This insurance premium is very affordable, but still depends on the size of the compensation and the type of insurance purchased. In general, quoted from asuransimikroindonesia.org, the average premium price is around four bowls of fried noodles, or for 2-3 packets of cigarettes. In addition, micro insurance premiums are enough to only be paid once in a period of coverage because the price is very affordable.
In microinsurance, the amount of premiums and compensation has been determined and the amount is the same for each insured. But in non-micro insurance, premiums and insurance coverage depend on the ability and demand of the insured.
Immediately
Immediately means the process of paying compensation is relatively fast, no more than 10 days after all documents are received in full and correct by the insurance company. This is because low-income people usually do not have enough savings and are in desperate need of funds quickly when hit by disaster.
Whereas non-micro insurance claims are usually received within 30 days after the documents are complete and immediately taken at the insurance branch office.
For microinsurance, the term is generally no more than one year. While the period of non-micro insurance is more than one year.
Tips for buying micro insurance
This insurance product provides optimal benefits if used properly. Here are some things to consider when you want to buy micro insurance, namely:
- Record the type of insurance product.
- Record the insurance contract number or the policy number that is in the product.
- Record the validity period of the insurance product so that it does not miss or expire when you want to file a compensation.
- Pay contributions on time because if you are late you will not get protection from the insurance.
- Record the telephone number of the insurance company just in case there are things that need to be asked at any time.
- Complete the required documents correctly so that the compensation process can be processed effectively and quickly.
