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Insurance for unorganised workers

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13 Jan, 2022 by  Aprajita Sharma

Are maids, cooks, drivers, sabji-wallah, auto-wallah, etc eligible for life insurance? How to do their financial underwriting?

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Term Life Insurance

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14 Jan, 2022

Dear Aprajita

Every life is important and can buy sum assured upto Rs 10 lakh without any hindrance .

Fir higher sum assured , you need to provide details of your income , occupation .

No financial underwriting is done upto sum assured of Rs 10 lakh .

So go ahead and motivate everyone to buy insurance.

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17 Jan, 2022
Yogendra Kumar

Hi, they are eligible for Life Insurance. There are schemes available in LIC and Post Office LIC and some life insurers too.


Since Income Proof is not available, High Life Insurance cover may not be available. Also look at Moral Hazard as insurance cover should not be too high, not more than 5 to 10 times of annual income.


https://licindia.in/Products/Micro-Insurance-Plans

https://www.indiapost.gov.in/Financial/Pages/Content/pli.aspx

Many Private Life Insurers also offer Term Plans around ₹10 Lakh.


But there might be difficult to explain them Term Plan as there is no returns. My personal experience is getting them into some savings with insurance is easy and meaningful for them.

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21 Jan, 2022

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