Will standard insurance products be the magic pill to boost coverage in India?
Standard insurance products are a good start for new entrants to the insurance fold.
But these alone may not be adequate to boost India’s insurance penetration.
Term insurance, accident insurance, fire insurance and home insurance.
These are some of the standard insurance products (apart from the April 1, 2020-launch standard health plan).
That will be available for Indian insurance customers from 2021 onwards.
Insurance Regulatory and Development Authority of India (IRDAI) launch these products to ensure that there are easy to understand policies for mass-market customer.