In its 21st September 2012 draft on a standard product for Rural and Social Sector the Insurance Regulatory and Development Authority (IRDA) says “IRDA shall prescribe annual target so as to cover entire BPL population in the next 5 years.” This path-breaking goal will require innovations in product design and product delivery.

The rural people of the pacific got access to much needed insurance products for the first time with the launch of a microinsurance partnership. The joint venture was between a community-based organization, Partners in Community Development (PCDF) and an insurance company, Life Insurance Corporation of India (LICI) in Savusavu on the island of...