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09 May, 2021

3 Min Read

Model Insurance Villages

Model Insurance Villages

The Insurance Regulatory and Development Authority of India (IRDAI) has come out with the concept of Model Insurance Villages (MIV). The idea behind the MIV concept is to offer comprehensive insurance protection to all the major insurable risks that villagers are exposed to and make available covers at affordable or subsidised cost.

  • Such MIVs are expected to tackle losses due to natural calamities like floods and earthquakes. There’s no catastrophe insurance in India now.
  • The concept would be implemented in a minimum of 500 villages in different districts of the country in the first year and increased to 1,000 villages in the subsequent 2 years. It will be implemented for 3 to 5 years.
  • Every general insurance company and reinsurance company accepting general insurance business and having office in India needs to be involved for piloting the concept.
  • In order to make the premium affordable, financial support needs to be explored through NABARD, other institutions, CSR funds, support from government and re-insurance companies.
  • This is to ensure that families and their property, crops get cover and the entire village community participate in the initiative.

Source: PIB

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