Working To Ensure "Insurance For All By 2047": Regulator IRDAI Chairman
NDTV
IRDAI has taken several steps in the last 10-12 months to enhance penetration and density of life cover plans, the official said.
IRDAI Chairman Debasish Panda on Thursday said the regulator is working on three-pronged approach -- availability, accessibility and affordability -- to ensure 'Insurance for All by 2047'.
India will attain 100 years of independence by 2047 and Insurance Regulatory and Development Authority of India (IRDAI) has taken several steps in the last 10-12 months to enhance penetration and density of life cover plans.
"We are also working with the councils of both life and general insurance to have a UPI-like moment for the insurance sector. A conceptual framework has been contemplated," he said, adding that this is being proposed through the Bhima trinity - Bhima Sugam, Bhima Vistar, and the woman-centric Bhima Vahak.
Speaking at an CII event, Mr Panda said IRDAI is moving from a rule-based approach to a principal-based approach, that the opportunity to invest in the insurance sector is immense given the size of the market, and low insurance penetration.
