IRDA Launches New Products During Tough Corona Times, KYC Rules Loosen | IRDA Launches New Products During Tough Corona Times, KYC Rules Loosen

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New Delhi 14 days ago

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The country’s insurance sector will remain optimistic in the medium to long term

In 2020, IRDA launched products ranging from corona shields to corona protectors, providing specific insurance policies providing healthcare facilities linked to the corona virus in the aftermath of the corona outbreak. This year, the regulator has taken several initiatives, including the launch of new standard products. He also relaxed the KYC rules to boost consumer confidence. Following the Covid-19 epidemic in March, the regulator ordered that all claims, from medication related to treatment to hospitalization, be resolved quickly. Irda has also asked insurance companies to design specific products to cover the cost of treatment related to the corona virus. The Corona shield policy was launched soon after.

Over the past six months, the regulator has launched a number of new insurance products, including Health Sanjeevani, Corona Guard and Corona Shield. Many initiatives have also been taken to provide service to clients more easily than launching a standard insurance policy. Neeraj Shah, chief financial officer of HDFC Life, said the regulator has embraced product sharing, innovation support, customer focus and foresight to benefit consumers. Features like OTP KYC based consent video, optional signatures for insurance plan are in the best interests of customers. The opportunities have been in the security and retirement categories for decades. Which will grow faster than the savings. The demand for insurance will increase with awareness. In addition to increasing the purchase of insurance products to maintain long-term savings.

Made to launch a simple life insurance covering all classes
The IRDA has ordered all life insurance companies to launch a term personal life insurance company called Saral Jeevan Vima to provide insurance to all sections of society at a convenient and reasonable price. It is a transformative initiative for the life insurance industry. The aim is to provide financial security to all Indian citizens. The Simple Life Insurance product will be launched on January 1, 2021.

Traditional health products were in demand until July
Traditional health products were in demand until July. Purchases of Covid-based products have increased after the launch of standard Covid products. Anand Roy, chief executive of Star Health and Allied Insurance, said the outbreak has forced insurers to embrace digital means to provide convenience and claims services to customers.

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