Insurance Companies Urged to Design Products for Rural People

by Lyju Kuruvilla on  January 9, 2012 at 4:23 PM Health Insurance News
RSS Email Print This Page Comment bookmark
Font : A-A+

J. Hari Narayan, chairman, Insurance Regulatory and Development Authority (IRDA) said that the future growth of the insurance industry lies in bringing out products based on the rural population's needs and aspirations.
 Insurance Companies Urged to Design Products for Rural People
Insurance Companies Urged to Design Products for Rural People

Star Health and Allied Insurance Company and Shriram Life Insurance Company Ltd jointly launched the Health Plus Life Combi insurance policy. Mr. Hari Narayan said that unless products make sense to the people in rural areas, the penetration of insurance portfolios will not grow.

The IRDA chairman said that the concept of a combination of life and non-life features had become important as the rural population and those in low income strata would benefit from a single product that could take care of all their exigencies.

New product:

The Combi scheme, the first of its kind in the country, covers hospital expenditure as well as providing pure term life cover. The combi scheme is available as "Star Shri Individual Care" and "Star Shri Family Care." The key features includes the absence of medical examination, policies issued up to 50 years of age and allowing renewals for up to 60 years of age.

The insurance sector is growing because of the proactive regulatory policies. The Shriram Group has diversified from financial services to life and general insurances and was committed to the concept of financial inclusion.

Source: Medindia

Post a Comment

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
Notify me when reply is posted
I agree to the terms and conditions

Related Links

More News on:

Third Party Administrators for Health Insurance Star Health and Allied Insurance ICICI Lombard General Insurance Company Limited Health Insurance - Ombudsman Health Insurance - Basics New India Assurance Policies Awareness about Healthcare Insurance in India Premium Calculation by Health Insurance Companies Fraudulent Health Insurance Claims Key Procedures for Filing a Healthcare Insurance Claim 

News A - Z

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

News Search

Medindia Newsletters

Subscribe to our Free Newsletters!

Terms & Conditions and Privacy Policy.

Find a Doctor
Advertisement

Stay Connected

  • Available on the Android Market
  • Available on the App Store

Facebook

News Category

News Archive