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@article{206306,
        author = {Mr. P. Vijeyakumar and Dr. Preetha Rajendran},
        title = {Micro Insurance in LIC: Expanding Financial Inclusion in India},
        journal = {International Journal of Innovative Research in Technology},
        year = {2026},
        volume = {13},
        number = {2},
        pages = {1047-1050},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=206306},
        abstract = {Micro insurance has emerged as a vital financial innovation aimed at extending insurance coverage to low-income and economically vulnerable populations, particularly in developing countries like India. In this context, the Life Insurance Corporation of India (LIC), as the nation’s leading public sector insurer, plays a significant role in promoting micro insurance schemes to achieve the broader objective of financial inclusion. This article examines the concept, implementation, and impact of micro insurance within LIC’s framework, highlighting its contribution to social security and poverty alleviation. Micro insurance is designed to provide affordable and accessible insurance products with low premiums, simplified documentation, and easy claim procedures. These features make it especially suitable for individuals engaged in agriculture, daily wage labour, construction work, and other informal sectors where income is irregular and financial vulnerability is high. LIC has introduced various schemes such as Jeevan Mangal and Jeevan Madhur to cater specifically to such groups, ensuring that life insurance protection reaches underserved populations across rural and semi-urban India. The study also explores the benefits of micro insurance, including financial protection against unforeseen risks, encouragement of savings habits, and integration of marginalized communities into the formal financial system. However, it also identifies key challenges such as limited awareness, low financial literacy, distribution barriers, and relatively high administrative costs. The article argues that micro insurance under LIC plays a crucial role in strengthening inclusive growth and reducing economic insecurity. It emphasizes that with improved awareness campaigns, technological integration, and stronger outreach mechanisms, micro insurance can become an even more effective instrument for social and economic empowerment in India’s developing economy.},
        keywords = {Micro Insurance, LIC, Financial Inclusion, Social Security, Rural Economy.},
        month = {July},
        }