Bharat Sevak Samaj introduces Microlife

Bharat Sevak Samaj (BSS) is the National Development Agency sponsored by the Planning Commission, Government of India to ensure public co-operation for implementing government plans. The main purpose behind the formulation of Bharat Sevak Samaj is to initiate a nation wide, non official and non political organization with the object of enabling, individual citizens to contribute, in the form of an organized co-operative effort, to the implementation of the National Development Plan.
Microlife is the insurance division of Bharat Sevak Samaj which is implimented and mainly aimed in giving insurance coverage for ordinary people living in rural area.
Micro insurance can boost resources for the rural poor, governments, and private sector. The entire economy gains as the insurance industry matures further, as well. There is a robust need for micro insurance in Indias’s poverty reduction strategy. With insurance, the vulnerable can prepare for an adverse event before it occurs, instead of being paralyzed by shocks afterwards. Micro insurance also increases the likely hood that the poor eat well, have health access, and send their children to school, since they wouldn’t have to save as much for emergencies
The market for micro insurance is enormous, and remains, untapped- as was the case with micro credit a decade back. The climate is now ripe for micro insurance in India, given the greater policy stimuli, commercial interests and a growing track record of local successes. In short, India’s micro insurance industry is poised for a quantum leap. The potential market size for micro insurance in India to be between INR 62,000 and 84,000 million.