The new 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
Hyderabad:
In its endeavour to increase insurance penetration and provide wider choice to policyholders, the insurance regulator IRDAI has now allowed general insurers to design new and customised products for dwellings, micro and small enterprises for Fire and allied Perils.
A circular has been issued by the IRDAI in this regard on Thursday for modifying its earlier circular on standard products in this segment, namely Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha amd Bharat Laghu Udyam Suraksha issued in April 2021.
The new 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.