Are Microinsurance Benefits Reaching the Poorest? Investigating the Ground Reality in Pradhan Mantri Jeevan Jyoti Bima Yojana

In the last decade, microinsurance witnessed an upward trend in India, accentuated by the COVID-19 pandemic highlighting its necessity. Despite this, research indicates that microinsurance penetration remains limited, especially in Developing Countries like India. This study aims to evaluate the reach of micro-term insurance and the challenges faced by the underprivileged in accessing its benefits. Secondary data reveals that microinsurance failed to reach Poor People. However, Primary data underscores that the primary barriers are lack of awareness and the amount of premium. Moreover, we found that individuals outside the poverty demographic perceive microinsurance as advantageous for themselves.