With the aim to expand the reach of insurance in the country, the Insurance Regulatory and Development Authority (IRDA) has suggested to permit owners of kirana shops, fair price shops, medical shops, petrol pumps, individual Public Call Office (PCO) to sell micro insurance products.
As per the IRDA’s exposure draft on Micro Insurance Regulations, the insurance schemes are targeted towards rural and urban poor.
At present entities like non-government organizations (NGOs), Micro Finance Institutions (MFIs) and Self help Groups (SHGs), District Cooperative banks, Regional Rural Banks, primary Agricultural Cooperative societies, and individual agents work as micro insurance agent.