IRDAI has asked insurance companies to bring affordable insurance policies to fulfill the goal of providing insurance protection to all citizens of the country by 2047. In this, some special instructions have been given to the companies.
To ensure that all citizens of the country have ‘insurance protection’, IRDAI has asked insurance companies to make insurance products more affordable, which means that in the coming time, insurance policies are likely to be available at a more reasonable price. The Insurance Regulatory and Development Authority has asked insurance companies to bring affordable insurance policies to fulfill the goal of providing insurance protection to all citizens of the country by 2047.
In fact, due to the high premium of products like health insurance, many senior citizens are not able to take advantage of these insurance products. The Insurance Council organized a meeting in Mumbai with the objective of ‘Insurance for all’, in which a discussion was held to provide insurance protection to all the citizens of the country by 2047.
In this meeting, insurance companies were suggested to launch different products, reduce insurance premium amid increasing competition and expand distribution channels so that the reach of insurance products increases, especially in remote areas.
In the meeting, the companies suggested that operations can be improved further by using InsurTech. Because, with its help, administrative costs will be reduced and operations will be strengthened. In such a situation, the savings made by the insurance company here can be given to the customers in the form of lower premiums.
The government can also introduce a bill to amend the Insurance Act, 1938. Its aim is to make it easier for everyone to get insurance by the year 2047. Some of the provisions that can be included in this bill after the amendment include composite license, differential capital, reduction in solvency norms, one-time registration for intermediaries. Apart from this, issues like allowing insurance companies to distribute other financial products are also included.
