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IRDA plans guidelines to regulate micro-insurance

Insurers should look at designing some new products to address the specific needs of the micro-insurance industry

July 11, 2012 2:49 IST | India Infoline News Service
On 6th July, the insurance regulator said it is planning to frame guidelines for the micro-insurance segment in India to ensure its growth.

IRDA (Insurance Regulatory and Development Authority) member (Life) Sudhin Roy Chowdhury said, micro-insurance is important to ensure financial inclusion and there are lots of issues in the industry that needs to be addressed. Mr Chowdhury was speaking at the 5th ICC Insurance Summit in Kolkata.

He added that insurers should look at designing some new products to address the specific needs of the micro-insurance industry. They should also give special emphasis on customer education. Customer education will help them penetrate into rural market.

Mr Chowdhury also informed that the IRDA was planning to introduce guidelines to emphasise on the need to provide customer education in the country. “Insurance is a technical subject and educating the customer is important,” he added.

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