Insurance industry of India achieved one of the highest growth rates in the world. Post liberalisation in 2000, Indian insurance industry has grown at the average rate of 15-20% every year. Microinsurance also developed as a sub-segment of the insurance industry in this period. Being a sub-segment of the conventional insurance industry, microinsurance has imbibed both the positives and negative characteristics of the larger industry, specifically in the life insurance segment. This report recounts the story of microinsurance growth in India with a parallel commentary on the overall microeconomic and industry story of India.