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Sep 01, 2015
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Irdai forms panel for simpler products
Encouraged by the success of the Prime Minister’s flagship schemes, the Insurance Regulatory and Development Authority of India (Irdai) has formed a committee with the specific objective of bringing in more such simple products. The committee, which comprises actuaries and heads of several fund houses, will submit its report in two months. “The main aim of the committee is to come out with more simple products, which are easy to understand with a very clear message,” said the head of a top insurance company who is also a member of the committee. “In the recent past, we have seen many insurance companies coming out with complicated products and mis-selling to investors. This resulted in customers either surrendering the policy or discontinuing payment of premium. We need to bring in products that are in line with the two Pradhan Mantri schemes,” he said.
Source -
http://www.financialexpress.com
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