Taiwan's first micro-insurance policy issued

According to Cathay Life Insurance, some 1 million Taiwanese between 15 and 65 years of age in eight financially disadvantaged groups are eligible for coverage under the policy. They include single individuals with an annual income of less then NT$250,000 (US$7,765), low-income families, mentally and physically challenged people, fishermen and aboriginal tribes members who receive social welfare.

The face value of the micro injury policy is NT$5,000 and the annul premium is NT$197, therefore, it would have to be purchased by groups of at least 26 people in order to reach the maximum payout of NT$300,000 for accidental death or injury, the insurance company said.

Apart from this, the company said, high-risk low-income households are required to purchase the micro-insurance policy with the guarantee of a social welfare group that would serve as a proxy.

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