The Insurance Regulatory and Development Authority of India (IRDAI) on Thursday allowed general insurers to design and launch fire, and allied perils, insurance policies covering dwellings, micro and small enterprises.
With this, IRDAI had scrapped its earlier circular that mandated general insurers to sell only standard products, namely, Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha, and Bharat Laghu Udyam Suraksha, in April 2021.
"In its continuous endeavour to increase insurance penetration and provide wider choice to policyholders, IRDAI has allowed insurance companies to design new and customised products for dwellings, micro and small enterprises for fire and allied perils," the sector regulator said.
According to IRDAI, the move will enable insurance companies to broaden the coverage already provided in the standard products by offering innovative add-ons or varying the existing provisions to meet the needs of the policyholders in terms of suitability and affordability.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
How Brokers Sidestep SEBI Rules To Rip-off Investors: Now Targeting Super Senior Citizens
13 May 2022
The pandemic has been a flourishing time for the brokerage business. India’s investor population nearly doubled, as people from the age of 9 years to 90 years turned into traders after a quick online class. Brokers used this boom...
NSE Colo Scam: Special CBI Court Denies Bail to Chitra Ramkrishna, Anand Subramanian
12 May 2022
A special CBI (central bureau of investigation) court here on Thursday refused to grant bail to former NSE (National Stock Exchange) head Chitra Ramkrishna and former employee Anand Subramanian, who were arrested by the probe agency...
Hotel and Restaurant Federation asks SEBI to axe Oyo's IPO citing massive losses
12 May 2022
The Federation of Hotel and Restaurant Associations of India (FHRAI) on Wednesday urged the Securities and Exchange Board of India (SEBI) to call off online hospitality major Oyo's initial public offering (IPO), citing the massive...
Did RBI Ask Coinbase To Stop Its Services Through UPI?
Moneylife Digital Team
11 May 2022
NASDAQ-listed Coinbase’s chief executive officer (CEO) Brian Armstrong has revealed that its services in India had to be halted because “after launching, we ended up disabling unified payments interface (UPI) because of some...