Micro insurance and Economic Stability-A Study of Annur Village, H D Kote taluka, Mysuru District, Karnataka State

Abstract

Ensuring economic development has become the priority zone for our policy makers. Social inclusion has become the buzz word and various organizations are putting effort either individually, through their Corporate Social Responsibility activities or by joining hands with the government to ensure inclusion of those from the marginalized sections of society and bringing them into the mainstream. This study tries to study the inference of Micro insurance, as a means and contrivance in assuring economic stability to farmers living in remote villages and those not privileged to having proper irrigation facilities. The present study focuses on the Micro insurance schemes being promoted by the State Bank of India (SBI) through the Cauvery Grameena Bank at Annur village situated in HD Kote Taluka, Mysuru District, Karnataka State, and how it could help in supporting the underprivileged by covering risk and ensuring economic stability amongst them. Micro insurance is still at its infancy and there is need to popularize the concept through extensive awareness programmes aiming at the target groups. This study identifies that Micro insurance can categorically help the economically weaker sections in society, thereby, assuring economic stability in case of any untoward occurrences and also supplementing economic development of the country as a whole. The focus of the study is to highlight the observations made with regard to Thrift Management and Micro insurance at Allur Village, who are the target group of this study.