Published Paper Details:

Microfinance is the process of forming organizations to provide financial assistance to persons who are unable to support themselves due to poverty without the use of collateral. Microfinance involves credit, insurance products, and savings accounts offered to low-income, unbanked individuals to improve their socioeconomic standing. Micro-insurance offers protection from low-income individuals' risks in exchange for a premium corresponding to the likelihood and expense of the risk involved. General or life insurance can be purchased through non-governmental organizations, self-help organizations, and microfinance institutions under a microinsurance policy. Three microinsurance options are offered by Life Insurance Corporation of India: Jeevan Madhu, Jeevan Mangal, and Jeevan Deep. This study's major goals are to determine whether unbanked individuals need microinsurance and whether this type of insurance enables unbanked individuals to improve their standard of living. A questionnaire is given to 150 respondents from the Kancheepuram District in order to gather primary data using simple random selection. With the aid of the SPSS application and statistical procedures like percentage analysis and the Chi-square test, the acquired data were examined. According to the respondents, joining a SHG-linked LIC leads to overall socioeconomic empowerment in each person's life. According to the study's findings, the LIC should raise unbanked people's understanding of the advantages of microinsurance in order to raise their level of living.