The future growth of the insurance industry lies in designing products that address the needs and aspirations of the people living in rural areas, J. Hari Narayan, chairman, Insurance Regulatory and Development Authority (IRDA) said on Friday.
Launching the Health Plus Life Combi insurance policy jointly rolled out by Star Health and Allied Insurance Company and Shriram Life Insurance Company Ltd; Mr. Hari Narayan said the penetration of insurance portfolios will not grow “unless products make sense to the people in rural areas.”
Noting that the rural population and those in low income strata would benefit from a single product that could take care of all their exigencies, the IRDA chairman said the concept of a combination of life and non-life features had become very important.
New product
V. Jagannathan, chairman and managing director, Star Health, said the combi scheme, which was the first of its kind in the country, covered hospital expenditure as well as providing pure term life cover.
D. Rama, product development, Star Health, said the combi scheme was available as “Star Shri Individual Care” and “Star Shri Family Care.” The key features included the absence of medical examination and issuance of policies for up to 50 years of age and allowing renewals for up to 60 years of age.
Yogesh Lohiya, chairman and managing director, General Insurance Corporation, said proactive regulatory policies had helped the insurance sector grow.
Akila Srinivasan, managing director, Shriram Life, said the Shriram Group had diversified from financial services to life and general insurances and was committed to the financial inclusion concept.
D.R. Karthikeyan, Jang Bahadur and Mohamed Hassan, directors, Star Health also spoke.
