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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
CEO, Insurance Samadhan

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
Mahavir Chopra
Founder, Beshak

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30 Jan, 2022
TREnteery

Every human life is very precious. A person must have the chance to have an assurance for life because, in front of nature, it doesn't matter what kind of job you have or how smart and productive you are. They may not be able to afford it the way others do, which is evident as the mercantilistic society we live in nowadays is not an equal one.

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30 Jan, 2022
TREnteery

Every human life is very precious. A person must have the chance to have an assurance for life because, in front of nature, it doesn't matter what kind of job you have or how smart and productive you are. They may not be able to afford it the way others do, which is evident as the mercantilistic society we live in nowadays is not an equal one. I know people who can afford a 5 million dollar life insurance policy, while others cannot afford it at all. I cannot say the two people from different backgrounds have bad personalities. They both value life as much as another, and I am sure this example proves that insurance must be for everyone.

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