- Economy
- Education And Career
- Companies & Markets
- Gadgets & Technology
- After Hours
- Healthcare
- Banking & Finance
- Entrepreneurship
- Energy & Infra
- Case Study
- Video
- More
- Sustainability
- Web Exclusive
- Opinion
- Luxury
- Legal
- Property Review
- Cloud
- Blockchain
- Workplace
- Collaboration
- Developer
- Digital India
- Infrastructure
- Work Life Balance
- Test category by sumit
- Sports
- National
- World
- Entertainment
- Lifestyle
- Science
- Health
- Tech
IRDA Allows Insurance Companies To Prepare Alternative Products For Different Risks
The objective of this initiative is to give more options to the customers and increase the coverage of insurance
Photo Credit :
Insurance regulator IRDA on Thursday allowed general insurance companies to prepare alternative products covering fire and allied risks. The objective of this initiative is to give more options to the customers and increase the coverage of insurance.
The Insurance Regulatory and Development Authority of India (IRDA) has in January 2021 introduced standard products (Bharat Griha Raksha, Bharat Micro Udyog Suraksha and Bharat Micro and Small Businesses Security) guidelines for small enterprises to protect against fire and other risks were issued.
No other products were allowed after these standard products for fire and associated hazards. IRDA said in a circular that in view of the increasing demand for alternative products related to fire, the Authority allows general insurance companies to manufacture such products.
In India, IRDA recognises insurance companies and looks after the insurance sector. The Insurance Regulatory and Development Authority of India promotes various types of insurance companies in India. IRDA is the Statutory Body regulating these companies.