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Now, You Can Insure Your Domestic Help Via Micro Insurance
[Posted by: InsuringIndia Blog on 13-Apr-2016]
India has forged ahead in many sectors in the last two decades. While the insurance sector has undergone a complete metamorphosis, it is yet to make its mark and reach the masses on a larger scale.  While insurance is a reality for many it still remains a luxury for many and this includes low income groups that include domestic helps, drivers and others.
According to media reports, India has at least 90 million domestic helps who are living without any access to free education for their children, medical facilities or even any sort of policy on taking weekly/monthly offs or sick leave. Also, bank security is not possible because they lack adequate id proofs and documents that are required for registration.Even salaries are not fixed and payment varies from one employer to another resulting in total lack of security for either the present or the future.
Now, in this scenario, imagine a life where you have no security umbrella for life, health and in case of an unforeseen mishap you're either scraping the bottom of the barrel or at the mercy of your employer for rescuing you from your woes. This is the story of many domestic helps in India who work relentlessly to make lives easier and more comfortable for their employers. 
This factor has caught the attention of the government which launched the RashtriyaSwasthya Bima Yojana (RSBY). It provides health insurance coverage for BPL (below poverty line) families, but since domestic helps don’t really fall in this category they tend to miss out on this opportunity. Taking this into account the insurance sector has thrown up some choices. Indeed, now things are changing with changing times. You can buy an insurance cover known as "micro insurance" and provide security and comfort to your domestic help and other staff. 
Some policies offer really low premium rates considering that the affordability factor has to be given special emphasis. These premiums range from Rs 50 to Rs 2,500 per annum.
Sum assured varies from Rs 10,000 to Rs 10 lakh, depending on the type of policy you opt for.
There has been emergence of certain online portals that offer insurance schemes aimed only at domestic helps. These include protection plans, term accident plans, composite products, and group plans.
You can also gift a pension plan to your domestic help by paying a premium ranging from Rs 135-Rs 350 for a five year insurance cover on websites that offer these policies. Some of the contributions get directed towards the government’s national pension scheme (NPS). 
It’s a good idea to buy these policies online after a thorough research and comparison of various policies on several parameters like rate of premium, sops, long term advantages and what the policy holder would receive in terms of compensation at the end of the policy term. Buying an insurance cover online is cost-effective and can be done from the comfort of your own home, at your own convenience. 

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*This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for an individual health policy with the sum insured of Rs. 5 lakhs.
**This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for a term plan, with the sum insured of Rs. 30 lakhs, and the premium paying term of 30 years.
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