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Affordable insurance must for lower income groups: IRDA

Financial inclusion means making insurance available to lower income groups at an affordable cost, IRDA chairman said

June 18, 2013 2:00 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (IRDA) said that financial inclusion means making insurance available to lower income groups at an affordable cost.

According to IRDA chairman TS Vijayan, insurers must focus on improving persistent communication tools, provide better premium policy renewal options, develop long term distribution partner relations, optimum use of technology to ensure that all financial needs of the policyholders are addressed at one place.

The IRDA chairman was speaking at a seminar on financial inclusion through insurance, organised by the National Insurance Academy (NIA) in Pune on Saturday.

The Academy decided to focus on inclusion through insurance in view of the Union finance minister's budget speech that called for setting up public sector insurance offices in all towns of India which have a population of 10,000 or more.

Over 200 delegates including senior executives from public, private sector insurance companies, leading banks, NGOs and others participated in the event. The broad theme for the seminar was 'Millions to Cover- Reaching the Unreached through Insurance.'

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