Why customer protection is central to financial inclusion
India needs a robust and comprehensive financial customer protection regime, which it currently lacks. Imagine the following scenario. Raja and Rani are a low-income householder couple with two children in elementary school. They also take care of Raja’s ailing mother. The household’s monthly income is ₹20,000.
Insuring Low-Income Households- Why disclosure matters
In this deck, we discuss some factors influencing life insurance take-up, the problem with endowment life insurance for the low-income segment, and how better disclosures could be the first step in helping households choose the right insurance product for them.
Tackling customer protection issues in life insurance for low-income households
Insurance companies should align their sales practices to generate the best outcomes for low income households by ensuring easy access to a variety of products with disclosures that provide accurate information.
Workshop on Life Insurance for Low-Income Households
This blog post summarises key takeaways from a virtual workshop we recently hosted. It was conducted against the backdrop of a study that we recently concluded titled “Can information disclosures influence life insurance purchase decisions for low-income households?”.
How govt surveys can be updated to better understand the financial lives of Indian households
There is a need for updated dataset on households’ consumption patterns, increased frequency of surveys on households’ balance sheet, and to collect data on financial well-being.
Why endowment plan, a traditional life insurance scheme, is part of most household finances
Unlike term plans that provide life risk cover or unit-linked schemes, where returns are market-linked, endowment plans offer maturity benefits upon survival & minimum guaranteed return.
Suitable or unsuitable? Understanding the role of credit in finances of low-income households
Low-income households seek loans often, but credit is suitable if it helps sustain or improve financial well-being. This is what must be ensured by lenders, regulators & policymakers.
Financial Services Can Be More Humane
Tremendous efforts have gone into creating new authoritiessuch as the Central Consumer Protection Authority.
Why financial service providers, policy makers must evolve to better serve low-income households
Low-income households work with irregular income inflows, resulting in shrinking financial planning horizon and necessitating frequent decisions in response to frequent changes.
What Findex 2021 Tells Us About Financial Inclusion in India
Indian households and businesses hold their wealth primarily in physical assets like real estate, gold, and durables, while barely investing in any financial assets.
