Features of Rural Insurance

According to Indian law, the companies which are working with regard to insurance ought to be accommodative to those individuals who may belong to the rural sector, individuals in the backward or vulnerable sections of society, individuals working in the informal or unorganised areas, etcetera. As one moves forward, one shall be discussing the features of rural insurance, objectives of rural insurance and other related significant topics in detail. 

Rural Insurance

The law regarding rural insurance can be found in the 1938 Insurance Act, specifically sections 32-B as well as 32-C. This helps in learning about the proportion of business that the companies working in the area of insurance are expected for put separately for the individuals who may belong to the social sector or rural sector, individuals in the backward or vulnerable sections of society, individuals working in the informal or unorganised areas etcetera.

The aim of the Rural Insurance Scheme is to ensure that the families in rural areas have some working capital along with support in the arrangement of profits making assets etcetera. There can be found the basic process for claims along with some decreased premium rates. 

According to the Rural policies, a lot of belongings can be insured such as livestock – for example, goat, cattle, sheep etcetera, sub-animals such as silkworm and honeybee, property, individuals, for example, Gramin accidents and lastly, horticulture crops and plantation such as rubber trees and grapes. 

There are a lot of benefits of the rural plans. These benefits can include points such as the overall process being convenient, hassle-free and easy to understand. Other benefits can be that the premiums are also low and the process of buying is hassle-free. Lastly, one can get an option for both savings as well as protection. Thus, these points help in understanding the various benefits of rural plans. 

Rural Insurance Schemes

There can be various rural insurance schemes for the benefit of the individuals. These can include schemes such as Cattle Insurance which covers exotic cattle as well as the indigenous crossbred which may be owned by different financial institutions, private owners, cooperatives, farms regarding dairy etcetera.  Another Scheme can be the Foetus Insurance Scheme which mainly is used for covering the death of a foetus/embryo (unborn calf) when it is because of some disease, surgical operation, earthquake etcetera. Similarly, there are various other schemes also which aim to help individuals in the best possible way.  These schemes can include Sheep and Goat Insurance Scheme, Poultry Insurance, Pig Insurance, Camel Insurance, Gramin Accident Insurance, Duck Insurance etcetera. All these schemes have their very own objectives and features. 

Conclusion

As observed from the above discussion, the understanding of concepts such as various rural insurance schemes in India, features of rural insurance and objectives of rural insurance in India are mentioned clearly and comprehensively. The understanding of what a rural scheme is and who it aims to help are also mentioned. Various Rural Schemes have been mentioned for a better understanding of the reader, these schemes include Poultry Insurance, Pig Insurance, Camel Insurance, Cattle Insurance etcetera. Thus, it can be concluded that the above sections help in gaining an understanding of the concepts of Rural Insurance and its various aspects such as the rural insurance schemes in India, objectives of rural insurance and features of rural insurance.