Micro insurance products are specifically designed to aim for the protection of low income people from rural and informal sectors. The low income people form a sizable part of our population and usually don’t have any health security cover. Therefore, this low value product with an affordable premium and benefit package is initiated to help these people to cope with and recover from common risks. Products come with a small premium and typically the sum insured too is below Rs. 30,000 as required vide IRDA Micro Insurance Regulations, 2005. Mostly such covers are taken on a group basis by various community organizations or non-governmental organizations (NGOs) for their members. The regulations also provide for a tie-up between a life insurer and a non-life insurer whereby a life insurer can offer a life micro insurance product as also a general insurance product and vice versa. In the case of claims arising on such products the life insurer forwards non-life claim to the non-life insurer for settlement.