Custom-built policy for all needs to boost reach: Irda chairman

Written by feBureau | Hyderabad | Updated: Jan 9 2014, 09:30am hrs
A single policy covering all basic insurance needs, together with options for customisation, would be more effective in increasing insurance penetration in India than having multiple policies for a basic cover, TS Vijayan, chairman, Insurance Regulatory and Development Authority (IRDA), said.

Currently, a typical general insurance product covers specific risks such as fire, health, accident and loss of belongings under separate policies. This approach is very cumbersome and a major roadblock in increasing insurance penetration, he said, while inaugurating the 7th Global Insurance Summit organised by Assocham.

Specific circumstances of low-income groups should be considered while designing insurance products to best suit their needs, he said.