Microinsurance Application Guide (2024 Update): Eligibility, Products, and Claims Summary
In this article, you'll learn:
Lazy to Get Rich (懶得變有錢) Quick Intro
Hey everyone who wants to be lazy but can’t, or can’t be lazy but wants to! Today, let’s talk about something many people don’t know what to do with: “Microinsurance”. This term sounds like a mini version of commercial insurance, and that’s kind of right. It’s an insurance product driven by policy, but don’t underestimate it; it has significant social responsibility and practical value. (I genuinely believe so.)
Why Should You Pay Attention to Microinsurance?
Microinsurance is designed to allow economically disadvantaged or specific identity groups to obtain basic insurance coverage at a lower premium, including small-amount whole life insurance and accident insurance. This is not only the social responsibility of insurance companies but also an insurance option you and I can consider. Microinsurance provides basic personal insurance protection for the economically disadvantaged or those with specific identities to fill the gaps in government social insurance or social assistance mechanisms. The word “fill” alone makes it worthwhile to know that it’s used to avoid even worse risks that might be encountered.
How Does Microinsurance Relate to You?
You might ask, how does this relate to you? Well, if you’re someone with a limited budget but still wants basic coverage, microinsurance is your trigger point. It provides an affordable option, especially for those who cannot obtain traditional insurance for various reasons. This is undoubtedly a boon.
In addition, with the aging society in recent years, many elderly people are just waiting to spend their money (who spends it, I’m not sure). Although Labor Insurance (勞保) still has some funeral benefits, if a small life can be exchanged for some definite money, it’s not a bad thing (I’m talking about the rational level). In the 15 years I’ve been looking at insurance, it seems like there are very few rational people (selling)?
Microinsurance Can Also Touch Your Heartstrings
Imagine you are an elderly person over 70 but still want life insurance coverage. Or you are a young person who has just entered society, with a limited budget but still wants basic protection. As long as you meet the requirements, you have the opportunity to take out microinsurance. At this time, microinsurance is like a warm ray of sunshine, illuminating the little expectations in your heart. (It is for me too)
Microinsurance Makes Insurance No Longer an Unreachable Dream
The emergence of microinsurance makes insurance no longer an unreachable dream. It allows more people to participate in the insurance family, not just those who can afford insurance, because the premium is theoretically affordable regardless of whether the income is normal or not. Buying some death and disability insurance, although it is possible not to die or be disabled, is better than dying or being disabled without money.
You Get What You Pay For? No, Microinsurance Gives You Great Value
The practical value of microinsurance should not be underestimated. It is not only an affordable option but also a cost-effective option. For those with limited budgets who do not want to sacrifice protection, this is undoubtedly a very good choice.
Where Can You Find Microinsurance?
The article may be outdated; use the information for reference (statistics as of September 2023):
| Insurance Company | Product Name | Insurance Type | Enrollment Method |
| ----------------------- | ------------------------------------------------------------ | ------------- | ---------------- |
| Taiwan Life Insurance | Simple Love Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | Group Micro Accident Insurance | Accident Insurance | Group Enrollment |
| Taiwan Life Insurance | Taiwan Life New Fu Ai Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | Taiwan Life New Fu Ai Micro Group Accident Insurance | Accident Insurance | Group Enrollment |
| | Taiwan Life New Fu Ai Micro Group Actual Expense Medical Rider | Accident Insurance | Group Enrollment |
| | Taiwan Life Da Ai Micro Accident Insurance | Accident Insurance | Individual Enrollment |
| | Taiwan Life Ci Ai Micro One-Year Term Accident Insurance | Accident Insurance | Individual Enrollment |
| | Taiwan Life e-Micro Insurance Accident Medical Rider | Accident Insurance | Individual Enrollment |
| | Taiwan Life e-Micro Insurance One-Year Term Accident Insurance | Accident Insurance | Individual Enrollment |
| | Taiwan Life e-Micro Insurance One-Year Term Life Insurance | Life Insurance | Individual Enrollment |
| Prudential Life Insurance | Caring Collective Micro Accident Insurance | Accident Insurance | Group Enrollment |
| Cathay Life Insurance | Cathay Life Micro Individual Term Life Insurance | Life Insurance | Individual Enrollment |
| | Cathay Life Micro Individual Accident Insurance | Accident Insurance | Individual Enrollment |
| | Cathay Life Micro Individual Accident Medical Rider | Accident Insurance | Individual Enrollment |
| | Cathay Life Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | Cathay Life Group Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | Cathay Life Enjoy Protection Micro Individual Term Life Insurance | Life Insurance | Individual Enrollment (Note) |
| | Cathay Life Enjoy Protection Micro Individual Accident Insurance | Accident Insurance | Individual Enrollment (Note) |
| | Cathay Life Enjoy Protection Micro Individual Accident Medical Rider | Accident Insurance | Individual Enrollment (Note) |
| China Life Insurance | China Life Micro Accident Insurance | Accident Insurance | Individual Enrollment |
| | China Life Collective Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | China Life Friendly Micro Group Accident Insurance | Accident Insurance | Group Enrollment |
| Nan Shan Life Insurance | Nan Shan Life One-Year Micro Accident Insurance | Accident Insurance | Individual Enrollment |
| | Nan Shan Life Collective Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | Nan Shan Life Group Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | Nan Shan Life Group Micro Term Life Insurance | Life Insurance | Group Enrollment |
| | Nan Shan Life Full Joy One-Year Micro Term Life Insurance | Life Insurance | Individual Enrollment (Note) |
| | Nan Shan Life Full Joy Micro Accident Insurance | Accident Insurance | Individual Enrollment (Note) |
| | Nan Shan Life Full Joy Micro Accident Medical Rider | Accident Insurance | Individual Enrollment (Note) |
| Shin Kong Life Insurance | Shin Kong Life Micro Accident Insurance | Accident Insurance | Individual Enrollment |
| | Shin Kong Life Collective Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | Shin Kong Life Group Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | Shin Kong Life My Love Micro Accident Insurance | Accident Insurance | Individual Enrollment (Note) |
| | Shin Kong Life My Love Micro Accident Medical Rider | Accident Insurance | Individual Enrollment (Note) |
| | Shin Kong Life My Love Micro Term Life Insurance | Life Insurance | Individual Enrollment (Note) |
| Fubon Life Insurance | Fubon Life One-Year Term Micro Life Insurance | Life Insurance | Individual Enrollment |
| | Fubon Life One-Year Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | Fubon Life Shun An Micro Accident Insurance | Accident Insurance | Individual Enrollment |
| | Fubon Life Ji An Micro Accident Group Insurance | Accident Insurance | Group Enrollment |
| | Fubon Life Online One-Year Term Micro Life Insurance | Life Insurance | Individual Enrollment (Note) |
| | Fubon Life Online True Peace of Mind Micro Accident Insurance | Accident Insurance | Individual Enrollment (Note) |
| | Fubon Life Online Micro Accident Medical Rider | Accident Insurance | Individual Enrollment (Note) |
| MetLife Taiwan | MetLife Taiwan Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | MetLife Taiwan Micro Group Accident Insurance | Accident Insurance | Group Enrollment |
| Far EasTone Life Insurance | Far EasTone Life Micro Accident Insurance | Accident Insurance | Individual Enrollment |
| | Far EasTone Life Collective Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | Far EasTone Life Micro Group Accident Insurance | Accident Insurance | Group Enrollment |
| Hong Tai Life Insurance | Hong Tai Life Micro Accident Insurance | Accident Insurance | Individual Enrollment |
| | Hong Tai Life Group Micro Accident Insurance | Accident Insurance | Group Enrollment |
| Chunghwa Post Co., Ltd. | Postal Simple Life Micro Accident Insurance Rider | Accident Insurance | Individual Enrollment |
| First Gold Life Insurance | First Gold Life Collective Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | First Gold Life Micro Accident Insurance | Accident Insurance | Individual Enrollment |
| | First Gold Life e-Micro Individual Term Life Insurance | Life Insurance | Individual Enrollment (Note) |
| | First Gold Life e-Micro Individual Accident Insurance | Accident Insurance | Individual Enrollment (Note) |
| | First Gold Life e-Micro Individual Accident Medical Rider | Accident Insurance | Individual Enrollment (Note) |
| Yuanta Life Insurance | Yuanta Life Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | Yuanta Life Group Micro Accident Insurance | Accident Insurance | Group Enrollment |
| Global Life Insurance | Global Life Individual Micro Accident Insurance | Accident Insurance | Individual Enrollment |
| | Global Life Yi Bao Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | Global Life Group Micro Accident Insurance | Accident Insurance | Group Enrollment |
| | Global Life Bao Jia Bei Individual Micro Term Life Insurance | Life Insurance | Individual Enrollment (Note) |
| | Global Life Bao Jia Bei Individual Micro Accident Insurance | Accident Insurance | Individual Enrollment (Note) |
| | Global Life Bao Jia Bei Individual Micro Accident Medical Rider | Accident Insurance | Individual Enrollment (Note) |
Note: You can apply for insurance through the “Protection-Type Insurance Product Platform”.
Learning Big Lessons from Small Stories
Ah-Ming is an ordinary office worker with a limited income, but he has always had a wish: to buy insurance for himself and his family. Traditional insurance seemed out of reach for him until he discovered the option of microinsurance. This discovery filled him with hope, and he felt that he had finally found a feasible way to realize his wish.
At home, Ah-Ming took out his mobile phone and started browsing various microinsurance information. After careful comparison and evaluation, he finally made a decision. He clicked the buy button and purchased basic protection for himself and his family. At this moment, he felt very happy and satisfied.
He immediately shared the good news with his family. The family was very happy to be able to obtain such protection, and they felt that this was a very practical and valuable choice.
This experience made Ah-Ming deeply realize that no matter how much the budget is, as long as you have the heart, it is possible to provide basic protection for yourself and your family. This also made him more convinced that microinsurance is not only an affordable option but also a social tool that can benefit more people.
Finally, Here’s an Interesting Data Set
Key points of the cumulative insured persons of microinsurance by gender and age in June 2023:
| Age Range (Range of Age) | Male Number (Male Number) | Male Insured Amount (Male Insured Amount) | Female Number (Female Number) | Female Insured Amount (Female Insured Amount) |
|---|---|---|---|---|
| 0-9 | 9,491 | 328,637 | 8,283 | 286,811 |
| 10-19 | 88,131 | 2,870,624 | 83,505 | 2,732,318 |
| 20-29 | 129,531 | 4,253,094 | 145,029 | 4,877,694 |
| 30-39 | 104,518 | 3,121,430 | 125,760 | 3,882,899 |
| 40-49 | 152,637 | 4,661,276 | 174,477 | 5,514,044 |
| 50-59 | 165,902 | 4,932,507 | 139,851 | 4,190,418 |
| 60-69 | 129,435 | 3,733,332 | 139,140 | 3,006,574 |
| 70-79 | 28,561 | 853,589 | 26,987 | 810,441 |
| 80-89 | 515 | 13,257 | 723 | 17,316 |
| 90 and above (90以上) | 35 | 798 | 79 | 1,736 |
| Total (總計) | 808,756 | 24,768,544 | 807,834 | 25,320,251 |
If you can see the trick in this, you will know that Taiwan’s insurance industry is really interesting. No matter how you buy insurance, it should not be regarded as “it is best to have bought it.”
Let’s work hard together 🙂
Further Reading
Lazy Conclusion
🚀 已有 1,000+ 讀者加入理財成長之路
