Editor's Pick: All-in-one policy plan to spread insurance in India

The Insurance Regulatory and Development Authority (IRDA) is working on a new, affordable insurance policy with the aim of improving insurance penetration in India. If all works out, the bundled policy will be an affordable product that will provide health, life, property, and accident covers, claim settlement within hours, and secure value-added services at the time of purchase. The initiative is part of a broader overhaul to make insurance “available, affordable and accessible” to all citizens with a “gram panchayat- to district- to state-level” approach. It also includes legislative amendments to attract more investments through differentiated licences for specialised companies. According to the regulator, the changes could double the number of jobs in the sector to 1.2 crore. IRDA chief Debashish Panda on Thursday said that the agency is trying to fill “huge protection gaps” across different insurance sectors in India with the new product. He also said that IRDA is trying to create a “UPI-like moment” in the insurance industry. “We are trying to design it [the new product] in a manner so that there are parametric triggers which don’t need a surveyor to assess the loss. If there is a loss, the defined benefit immediately goes to the bank account of the policyholder. We are trying to price it in a manner that it is affordable,” Mr. Panda said. The IRDA is working towards the target of providing insurance cover for all by 2047. To do so, it is planning to form state-level insurance committees and rope in state governments to formulate district-level plans. The regulator has also announced a new Bima Sugam platform that will integrate insurers and distributors on to one platform to make it a one-stop shop for customers. 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If all works out, the bundled policy will be an affordable product that will provide health, life, property, and accident covers, claim settlement within hours, and secure value-added services at the time of purchase. The initiative is part of a broader overhaul to make insurance “available, affordable and accessible” to all citizens with a “gram panchayat- to district- to state-level” approach. It also includes legislative amendments to attract more investments through differentiated licences for specialised companies. According to the regulator, the changes could double the number of jobs in the sector to 1.2 crore. IRDA chief Debashish Panda on Thursday said that the agency is trying to fill “huge protection gaps” across different insurance sectors in India with the new product. He also said that IRDA is trying to create a “UPI-like moment” in the insurance industry. “We are trying to design it [the new product] in a manner so that there are parametric triggers which don’t need a surveyor to assess the loss. If there is a loss, the defined benefit immediately goes to the bank account of the policyholder. We are trying to price it in a manner that it is affordable,” Mr. Panda said. The IRDA is working towards the target of providing insurance cover for all by 2047. To do so, it is planning to form state-level insurance committees and rope in state governments to formulate district-level plans. The regulator has also announced a new Bima Sugam platform that will integrate insurers and distributors on to one platform to make it a one-stop shop for customers. 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