Micro Insurance Modules for Low-income Group, Small Businesses Suggested by IRDAI Panel

A council selected by controller IRDAI has recommended over twelve low-cost “micro insurance” modules with a view to expand protection plans for uncovered population and small ventures.

The council has recommended that the insurers should be allowed to adopt a modular approach using different permutations and combinations for Combi MI (Micro Insurance) products.

The objective of MI is to empower people to cope with and recover from common risks such as for example death of the breadwinner, spending money on treatment of serious illnesses, reconstructing destroyed homes and businesses, amongst others.

Source-

https://economictimes.indiatimes.com/industry/banking/finance/insure/irdai-panel-suggests-micro-insurance-modules-for-low-income-group-small-businesses/articleshow/91232317.cms

Sharing is caring!