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.
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.
Can information disclosures influence life insurance purchase decisions for low-income households?
There are several reasons for low take-up of life insurance policies in general and specifically low take-up of term life insurance. These factors range from supply side barriers such as misaligned incentive structures for agents selling life insurance policies, lack of availability and accessibility to a larger suite of life insurance products customized to the needs of low-income households to demand-side barriers such as household’s contextual factors that limit their awareness and priority for a life insurance product and their behavioural preferences pertaining to life insurance products.
Can financial decisions be free of emotion? Why it’s not the case in Indian households
The social dimension of household finances is often missed by popular commentary on finance, which sees such decisions as being made by an individual for only themselves.
Approaches to Assessing Household Income for Microfinance Clients
The Microfinance sector is gearing up for change as the recent RBI (Regulatory
Framework for Microfinance Loans) Directions, 2022 has put in place comprehensive
regulations to ensure customer protection
