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

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SummaryA single policy covering all basic insurance needs, together with options for customisation...

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.

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