Irdai allows firms to offer customised insurance to match customer needs

From April 1, when we buy insurance for a car or take out a health cover, insurance companies can offer a product totally customised for us.

This is the biggest change in the insurance product place to have happened in the Indian market.

That there is no flash in the pan has been made clear by the insurance regulator when it announced these changes through a series of gazette notifications on Friday.

This is a big deal for someone planning to buy insurance, as most of us do.

This also offers a big elbow room to the companies to reward