Micro insurance is a type of insurance that is designed to provide coverage to low-income individuals and families who may not be able to afford traditional insurance policies. In India, the scope of micro insurance has grown significantly in recent years, particularly with the implementation of the Ayushman Bharat Yojana (ABY), also known as the National Health Protection Scheme (NHPS).
The ABY is a government-funded health insurance program that aims to provide coverage to low-income households and individuals. The ABY provides coverage for a range of medical treatments, including hospitalization, surgery, and certain specialized treatments. The program is intended to improve access to healthcare for disadvantaged populations and reduce out-of-pocket expenses for medical treatment.
The ABY has significantly expanded the scope of micro insurance in India, as it provides coverage to a large number of low-income individuals and families who may not have otherwise been able to afford insurance. In addition to the ABY, there are also private micro insurance programs available in India, which can provide additional coverage options for low-income individuals and families.
Overall, the scope of micro insurance in India has grown significantly with the implementation of the ABY, and it is likely to continue to grow in the coming years as more individuals and families seek coverage for medical treatment.