look news india
The Insurance Regulatory and Development Authority of India (IRDAI), an insurance regulatory body, has targeted rural areas with a product that offers four types of protection from a single insurance policy for Rs. 1,500 premium has been proposed. Under this ambitious all-in-one insurance policy, it is planned to offer the policyholder the benefits of life insurance, health insurance, accident insurance and property insurance and a cover amount of Rs. It is proposed to keep Rs 2 lakh.
IRDA Chairman Debashish Panda made this announcement while addressing a conference of CEOs of insurance companies. According to experts, the proposed product will not only provide protection to people in rural areas from various risks and uncertainties but will also encourage people to take insurance and consequently help in achieving the goal of financial inclusion. Agents will be given 10 percent commission for selling insurance coverage so that more people can avail the benefits of this product quickly.
The responsibility of selling this product will be given to the insurer to increase its penetration. In the initial phase, every Gram Sabha will have at least one insurance carrier, who will go door-to-door to educate people about this product and prepare people to take this insurance.