Irdai to develop standardised products for bridging protection gap

Life Insurers must aim to achieve a 13th month persistency of 90% within a year, says Irdai chairman

The Insurance Regulatory and Development Authority of India (Irdai) is looking to come out with a series of standardised products for various sectors so that the protection quotient in each segment can be increased significantly. It is developing a standard term product in the life insurance space, and two offerings in the MSME segment--one for micro enterprises, the other for small industries. Furthermore, A standard product for dwelling units will be rolled out soon.

“The idea is if a standard product is sold by all companies, it becomes much easier for the policyholders to pick up that product,” said Irdai