The Insurance Regulatory and Development Authority of India (IRDAI) has issued a directive requiring all life, general, and standalone health insurers to provide a minimum level of insurance coverage in villages or gram panchayats. This step aims to achieve the vision of “Insurance for All” by 2047. Life insurers are to aim for full saturation in gram panchayats, while general insurers must provide a minimum percentage of fire and motor insurance coverage for homes, shops, and vehicles. Health insurers are to cover a minimum percentage of health and personal accident insurance. The gram panchayats to be assigned to insurers will be determined in consultation with the respective insurance councils.
Source and Details: Asia Insurance Review