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Abstract
It is common knowledge that insurance penetration in India or the ratio of premium underwritten to the GDP has been abysmally low. It is by and large viewed as a privilege that only the relatively well-off residents of urban and semi-urban India can afford. For whatever reason, it has not been viewed as something indispensable for all citizens, irrespective of their social status or economic status. This is singularly unfortunate. This makes it difficult to understand the phenomenon that India represents today – on the one hand, we have a small chunk of extremely well-informed people who are globally acknowledged. On the other hand, we have a huge chunk of poorly informedor even ill-informed people who prefer to remain wrapped in their blissful ignorance. Microinsurance products are meant for the latter category of people.