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Unified Payments Interface (UPI) is being seen as a potent way to make low ticket payments faster and in a simpler way. The service was launched by Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday. UPI Lite is an on-device wallet feature that will allow users to make real-time small-value payments not exceeding Rs 200. The users will be able to make transactions without having the need to use UPI PIN.

Why is UPI Lite important?&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

-     UPI Lite is likely to reduce the burden on the banking system.

-    The number of failed transactions will likely get reduced.

-     The transaction settlement cost is expected to come down&nbsp;

-    The transaction details will not be reflected in bank accounts and passbook

-     Bank Passbook / The statement will not have details of day-to-day small expenses.

-     In all UPI transactions, over 50 per cent transactions are low ticket and less than Rs 200.

-     UPI transaction will be possible even without internet.

-     It will be possible to put up to Rs 2000 into the UPI Wallet.

-     UPI Lite will allow transactions up to Rs 200.

-     No pin will be required to execute transactions.

-     If the ticket size of transaction is lower than Rs 200, the transaction will have to be done through UPI Lite

-     There will be no charges on it and all banks will offer the facility

-     With UPI Lite, the transaction could be made on another mobile number, through QR code or two another UPI Id.

Unified Payments Interface (UPI) is being seen as a potent way to make low ticket payments faster and in a simpler way


What is UPI Lite? Know its top benefits for users, banks

To increase penetration of health insurance, working group of Insurance Regulatory and Development Authority (IRDAI) has given certain recommendations. The reach of health insurance can be increased by insurance providers by offering standard products to the people. The working group has also suggested standardization of conditions which are most often in use or applicable.

Standardisation of general conditions will make it easy for average people to buy policies.

As per the suggestions given by the working group, different insurance covers should be converted into one standard product. The insurance companies must have the right to set price of the insurance premium.

However, the pricing of add-ons should not be unfeasible or impractical.

Moreover, the companies must get approval to launch health insurance policies on certification basis. The companies should get a freehand to innovate and bring policies in the market as per the requirements of the people.

IRDAI’s working group gives its recommendation for increasing penetration of health insurance

The reach of health insurance should be increased by insurance providers by offering standard products to the people :Source&nbsp;

Conditions used often should be standardized: Source

Standardising general conditions to make it easy for people to buy insurance policies: Source

Different insurance covers should be converted into a standard product: Sources

Freedom to insurance providers to price their products but with responsibility: Source:

Pricing for add-onss must not be impractical: Source

Companies must get approval to launch health insurance policies on certification basis: Source

Companies should get a freehand to innovate and bring policies in the market as per the requirements of the people: &nbsp;Source

As per the suggestions given by the working group, different insurance covers should be converted into one standard product. The insurance companies must have the right to set price of the insurance premium


IRDAI’s working group suggests standardization of products, condition to increase penetration of health insurance in India

In an optimistic news for the Indian economy, the retail business has reached its pre-Covid levels and in July 2022, the sales are up by almost 18 per cent from the 2019 levels. According to a survey conducted by the Retail Association of India (RAI), eastern part of India recorded the highest growth with over 25 per cent jump in July 2022 over the 2019 numbers.&nbsp;

It was followed by South India region where 21 per cent growth was witnessed during the month. In the northern region, 16 per cent growth was recorded while in western region, the jump was nearly 10 per cent, this survey said.&nbsp;

Category-wise, the sports segment witnessed a 32 per cent jump in July 2022 over the corresponding period in 2019. This is the highest jump among all other categories. It was followed by footwear segment, furniture and furnishing segments which recrded a 23 per cent&nbsp;increase.&nbsp; 
 
According to the RAI survey, the clothing category recorded a 22 per cent increase in sales in July 2022 over July 2019. As for categories like quck service restaurants, electronics and shoes, a 17 per cent rise was recorded.&nbsp; 
 
As compared to July 2019, the jewellery segment registered a growth of 15 per cent in July 2022. Meanwhile, food and grocery saw a jump of 11 per cent.

Segmenst including beauty, health and personal care, just 3 per cent growth was registered, according to the survey.&nbsp; 
 
The retail business has found its feet across the country and is now doing well. The retail business is exhibiting a health growth and has now reached the pre-covid levels. Important retail categories like clothing and footwear are showing stron traction among the consumers, RAI's Chief Executive Officer (CEO) Kumar Rajagopalan has said.

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According to a survey conducted by the Retail Association of India (RAI), eastern part of India recorded the highest growth with over 25 per cent jump in July 2022 over the 2019 numbers


India's retail business gets back its mojo; sector records healthy growth over pre-pandemic levels, across segments

Patients and health insurance companies have often complained about overcharging by hospitals and no solution has been found in this regard. Insurance regulator the Insurance Regulatory and Development Authority of India (IRDAI) is preparing a health insurance portal which will have information related to all health insurance policies and claims. Zee Business’ Anurag Shah reports

Claims indicated by hospitals to insurance companies and TPA will be via this portal. This portal will also have information on claim settlement.

The new portal will also help in catching fraudulent claims and will also tell if two hospitals are changing for the same type of treatments.

Planning for new health insurance portal

- Preparations ongoing for creating one portal for all kinds of health insurance policies and claims

- The portal is being created under the watch of IRDAI

- TPA and insurance companies will get information through this health insurance portal

- The portal will likely play a big role in determining fraudulent claims

- The portal will also help in finding out if the hospitals are overcharging for treatments

- The health insurance premiums will likely get reduced if fraudulent claims reduce

- It will be easy to know if different hospitals are charging differently for similar types of treatments

- IRDAI will have information related to all policies and claims

Patients and health insurance companies have often complained about overcharging by hospitals and no solution has been found in this regard


Hospitals overcharging for treatment to be a thing of past; IRDAI’s health insurance portal to curb this menace

&nbsp;

After health and general insurance companies, the Insurance Regulatory and Development Authority of India (IRDAI) has issued a draft notification on the limits of expenses for life insurance companies.&nbsp;For life insurance companies, the expenditure limit will be in consonance with their policy business. This means that there will be a limit on what companies will spend on agents’ commissions, rewards, employee salaries and other expenses.&nbsp;In pure risk products which are also referred to as Term insurance plans, for selling a policy for the first year, the expense limit will now be capped 80 per cent of the overall premium, as per the draft. As for renewal premium, the EoM (Expense of Management) could be at 25 per cent. &nbsp;

For life insurance plans which are not under the pure risk category, the first year expense will be capped 80 per cent of the overall premium. As for renewal plans, the EoM will be capped at&nbsp;17.5 per cent of the overall premium.&nbsp;

In annuity plans with single premiums, the expense allowed will be up to 5 per cent of the total premium, the draft said.&nbsp;For individual pure risk and group policies with a single premium, the maximum expenditure allowed will be 10 per cent.

The insurance regulator IRDAI has asked the life insurance companies to reduce their expenses and pass on the benefits to the customers.&nbsp;It has also made provisions to stop allowances of the top management of the companies in the event of a violation of the IRDAI rules mandating the limit of expenditure.&nbsp;

The insurance regulator IRDAI has asked the life insurance companies to reduce their expenses and pass on the benefits to the customers.&nbsp;It has also made provisions to stop allowances of the top management of the companies in the event of a violation of the IRDAI rules mandating the limit of expenditure.&nbsp;


IRDAI issues draft notification on rules limiting expenses of life insurance companies – details 

Soon you can keep your insurance policies in Demat form akin to stocks and mutual funds. Zee Business has exclusive information that Insurance Regulatory and Development Authority (IRDAI) is working on an ambitious project to dematerialise insurance policies on the same lines as companies' stocks held by investors. Besides, policies will also be linked to the policy holder's bank account. Apart from this, the regulator is mulling making it mandatory for policyholders to share their KYC details in non-life insurance policies. Notably, non-life insurers have for long requested IRDAI to permit verifying the contact details of policyholders. As of now, insurance companies provide policyholders a facility to keep insurance policies in electronic form with the insurance repositories. Repositories compile and store data about policyholders on behalf of insurance companies. However, this is optional and insurance companies provide a hard copy of the policy to the policyholder.

What is Dematerialisation

Dematerialisation simply means converting your physical policy document into a modifiable online object. It means that a person will no longer need to indulge in paperwork at time of renewing the policy.

A dematerialised policy will be more liquid and will be easily assigned. There will be no change in the rights as the policyholder.

The latest development is touted to be a win-win situation for both -- the insurer and the policyholder. &nbsp;It is aimed at reducing transaction costs and also ensuring swift modifications in policies. Besides, it will increase the insurance companies' efficiency to enhance their customer service. 
&nbsp;

Dematerialisation simply means converting your physical policy document into a modifiable online object. It means that a person will no longer need to indulge in paperwork at time of renewing the policy.


Digital transformation! IRDAI mulls allowing policyholders to keep insurance policies in demat form, link with bank account | Exclusive

Retirement fund body the Employees’ Provident Fund Organisation (EPFO) could take a call on increasing the equity investment limit from 15 per cent to 25 per cent in today’s board meeting. The EPFO is also likely to come out with new guidelines to invest in PSU and private companies. Zee Business’ Anurag Shah reports.

Currently, the EPFO is allowed to invest 15 per cent in equity while the remaining amount in debt instruments. The likley increase in equity will be done in two phases – from 15 per cent to 20 per cent in the first phase while from 20 per cent to 25 per cent in the next phase.

The current interest rate in all debt instruments in between 7-8 per cent. This is the reason why the interest rate for the financial year 2021-22 was 8.1 per cent lowest in 40 years.&nbsp;&nbsp;

&nbsp;&nbsp;On the other hand, the returns from equities have been to the tune of 14 per cent. If the EPFO raise its equity investment limit to 25 per cent, the EPF members will get higher interet rates.&nbsp;&nbsp;

Board Meeting of EPFO&nbsp;today&nbsp;&nbsp;

There could be an announcement related to the rules for investment in PSU&nbsp;and private companies. &nbsp;&nbsp;&nbsp;

The limit of investment in equity ETF&nbsp;is likely to be increased from 15 per cent to&nbsp;25 per cent.

The returns from G-Sec bonds not significant enough.

<a href="https://www.zeebiz.com/personal-finance/news-can-your-epf-be-attached-to-recover-liabilities-against-you-here-are-3-lesser-known-facts-about-your-epfo-account-epf-account-191104">Can your EPF be attached to recover liabilities against you? 3 lesser-known facts about EPFO account</a>

There are over 7 cr subscribers to the EPFO.

Currently, the EPFO is allowed to invest 15 per cent in equity while the remaining amount in debt instruments. The likley increase in equity will be done in two phases – from 15 per cent to 20 per cent in the first phase while from 20 per cent to 25 per cent in the next phase


EPFO board meeting today; retirement fund body likely to approve equity investment limit from 15% to 25%

Insurance Policy Commission: In order to prevent misselling and increase transparency in insurance policies, the committee formed by Insurance Regulatory and Development Authority (IRDAI) has proposed a proposal in which the commission paid to agents will be mentioned on the insurance cover note. The board meeting will be held on 15 July 2022 and a decision is expected on the same day. A source tells Zee Business Anurag Shah.

According to the source, in the coming days when someone buys an insurance policy or pays the policy premium, he or she will know how much commission the insurance company has paid on the platform from where they bought the policy or the agent who sold them the policy. This will be written on the premium receipt of the policy, said the source.

A decision on this can be taken at the board meeting on 15 July. Whereas opposite to this, brokers and aggregators have opposed the proposal and arguing that giving commission details on the policy can encourage corruption.

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The agent's commission will be recorded on health, life, and general insurance policy receipt, the source said.

The detailed commission proposal is given below:

Maximum Commission&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;First-Year&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Renewal Premiums

Life Insurance Individual Pure Risk&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 40%&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 10%

Life Insurance Deferred Annuity / Pension&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;7.5%&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;2%

Life Individual Other than Pure Risk&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;35%&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;7.5% 
&nbsp; 
Maximum Commission

Health Insurance Individual 15%

Motor Insurance 20%

Fire Insurance 16.5%

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Insurance Policy Commission:&nbsp;In order to prevent misselling and increase transparency in insurance policies, the committee formed by IRDAI&nbsp;has proposed a proposal in which the commission paid to agents will be mentioned on the insurance cover note.&nbsp;A source tells Zee Business Anurag Shah.


Commission paid to agents to be mentioned on insurance cover note - What IRDAI proposed

The Insurance Regulatory and Development Authority (IRDAI) on Monday set a growth target for general and life insurance companies to make insurance products reach more people. A target of 5 years has been set for insurance companies. Along with this, a committee of state-level bankers and insurance companies (SLBIC) is also proposed for regular review. Zee Business Anurag Shah's report.

According to the report, the insurance regulator IRDAI has set a target of 5 years for insurance companies in which, companies have to increase the insurance penetration to double by 2027. The premium target for general insurance has to be increased from Rs 2 lakh crore to Rs 11 lakh crore. In terms of the share of GDP, the target of 2.5% will have to be achieved instead of the current 1%.

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Apart from that, the insurance regulator has asked to increase the penetration of life insurance from 3 percent to 6 percent. The target has been given to companies to increase the insurance penetration to almost double by 2027.

Along with this, the regulator said that now every state will also have a lead insurance company. Now, there will be SLIBC in insurance on the lines of SLBC of banks present in the states, IRDAI added.

IRDAI&nbsp;on Monday set a growth target for general and life insurance companies to make insurance products reach more people. A target of 5 years has been set for insurance companies. Zee Business Anurag Shah's report.


IRDAI sets a target of 5 years for life insurance companies for greater penetration; proposes state-level committee

Reserve Bank of India’s (RBI) restrictions on fintech companies providing credit through prepaid instruments is having an impact on their businesses. Several companies have halted transactions on their platforms for the customers. Zee Business’ Anurag Shah brings this report.

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The fintech companies have also stopped bank related prepaid instruments on their platforms, for now.

As per the circular issued by the Reserve Bank of India (RBI) non-banking companies cannot offer credit cards or other services without the prior approval of the Central Bank.

This is the reason why fintech companies have stopped lending via prepaid cards and also stopped schemes like buy now pay later. They intend to resume the services only after an RBI approval or after giving further clarification to the banking regulator.

- Fintechs halt PPI&nbsp;and&nbsp;BNPL&nbsp;services&nbsp;&nbsp;

-&nbsp;Fintech companies are seeking further clarity from the RBI&nbsp;&nbsp;

-&nbsp;Several companies including Slice, Uni, Kissht, LazyPay&nbsp;have halted prepaid services&nbsp;&nbsp;&nbsp;

The Reserve Bank is considering various options to ensure that customers are not put at risk on account of activities of non-bank fintech players with regard to prepaid payment instruments (PPIs), sources said.

Earlier this week, RBI issued an advisory clarifying that non-bank prepaid payment instrument (PPI) issuers cannot load their wallets and cards from credit lines or preset borrowing limits.

Such practice, if followed, should be stopped immediately and any non-compliance will attract penal action, the advisory said.

According to sources, the idea behind the issuance of the advisory was to ensure customer safety and also to stress the fact that any business that requires an authorization or a licence should not be done by someone else without authorization or licence.

The RBI is in discussion with the players and exploring options to deal with the situation, sources said.

Innovation should not be based on regulatory arbitrage so various options are being explored including devising a framework and greater disclosure for non-bank fintech players issuing prepaid payment instruments (PPIs) and Buy Now Pay Later (BNPL) players, sources said.

PPIs are instruments that facilitate purchase of goods and services, financial services, and remittance facilities, against the value stored therein.

The RBI is of the view that if one entity requires some licence to do a certain thing, the central bank cannot allow some other entities in the name of innovation do the same thing without regulation.

Besides, sources also said that the actual amount involved is not actually very high.

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Sources said some of the players have expressed their willingness to comply with the guidelines but they need time.

So all these discussions are on with the regulator and a solution would be arrived at in consultation with all stakeholders, sources said.

The model works like a non-bank fintech player get card issued by a bank and NBFC is in regulated business of lending and the fintech player is borrowing the regulatory capabilities of other entities. The fintech remains outside the regulatory framework.&nbsp;

Reserve Bank of India’s (RBI) restrictions on fintech companies providing credit through prepaid instruments is having an impact on their businesses. Several companies have halted transactions on their platforms for the customers. Zee Business’ Anurag Shah brings this report


Fintech's halt PPI loan, buy now pay later services as RBI restrictions posing challenges

People seeking loans get them at lower interest rates if their CIBIL score is high. In a similar vein, an insurance score is also likley to see a light of the day soon. Insurance buyers will get benefits of lower premiums if there insurance score is good. Anurag Shah reports citing his top sources.

Insurance Information Bureau has all the informance related to policies of all the insurance companies and now there are plans for corporatisation of Insurance Information Bureau.&nbsp;

This means that the insurance companies will now be able to do risk analysis of data of the customers. This will help in creating insurance scores of policy holders and with the help of insurance school, the rebate&nbsp;&nbsp;in the premiums of the policy&nbsp;will be calculated.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;

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Plans to create insurance scores of customers in line with the CIBIL score: Sources 
The score will be decided by Insurance Information Bureau: Sources

Insurance companies will calculate risks by analysing the IIB data: Sources

The policy premiums will increase or decrease based on the insurance score: Sources 
 
This will also help in curbing frauds in the insurance sector. इंश्योरेंस में हो रहे फ्रॉड्स पर लगाम लगाने में मदद मिलेगी 
The insurance premiums will reduce if total bogus claims come down.

Benefits for policy holders: Insurance Score 
 
-- Insurance score will help in calculating risk analysis of customers.

-- Premium will increase or decrease base on insurance score

-- It will also form the basis for giving no-claim bonus

-- The companies will be able to provide wellness benefits in thier policies

-- The use of technology is expected to go up.

-- The move is aimed at reducing fraud claims and increase genuine claims

People seeking loans get them at lower interest rates if their CIBIL score is high. In a similar vein, an insurance score is also likley to see a light of the day soon. Insurance buyers will get benefits of lower premiums if there insurance score is good. Anurag Shah reports citing his top sources


'Insurance Score' could decide premiums of your policies; move to reduce bogus claims - details here! 

In order to widen the reach of health insurance plans and take it to all the nooks and corners of the country, industry-wide discussions have been ongoing if life insurance companies should be allowed to sell indemnity health insurance plans. Zee Business’ Anurag Shah reports. &nbsp;&nbsp;&nbsp;&nbsp;

Insurance Regulatory and Development Authority (IRDAI) also constituted a committee and Zee Business has learnt through its sources that that committe has given its nod to the companies with respect to just distribution of such products. This means that the life insurance companies will be able to offer these products like corpoate agents.&nbsp;

The sources have revealed that India’s largest life insurer Life Insurance Corporation of India (LIC) with over 60 per cent market share, was also not too keen on launching indemnity health insurance products. The comany wants to focus on its current offerings and is striving to ensure further growth. &nbsp;

However, private companies like HDFC&nbsp;Life are keen to enter into this segment, given the growth potential, Shah said. &nbsp;

The life insurance companies in India,currently are offering fixed-based health insurance &nbsp;which means that a lump sum ammount is given for the illnesses covered under the policies and do not offer a cover that includes hospital, medicines etc.

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Policies which cover hospitals, medicines and other expenses are labeled as indemnity health insurance policies which are offered by General Inurance companies or stanalone health insurance companies. &nbsp;&nbsp;

Even General Insurance companies have their own problems in this regard as if the health insurance companies are given a go ahead to launch indemnity health insurance plans, then the whoe sector will undergo a significant change.

Even the regulator will have many challneges if this happens.

In order to widen the reach of health insurance plans and take it to all the nooks and corners of the country, industry-wide discussions have been ongoing if life insurance companies should be allowed to sell indemnity health insurance plans. Zee Business’ Anurag Shah reports


Should life insurance companies be allowed to sell indemnity health insurance plans? IRDAI’s committee opines this!

In order to give relief to insurance companies under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the insurance regulator IRDAI on Friday&nbsp;reduced the capital requirement for companies selling PMJJBY by 50%.

After this move, life insurance companies will be able to offer more policies.

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According to Irdai, this step will allow life insurers to provide more policies under the scheme and bring financial security to the bottom of the Indian population through life insurance, said PTI.

Irdai's relaxation of capital requirements will hasten the penetration of life insurance in India and will support the life insurers in achieving the target set by the government.

According to PTI, this step by Irdai will supplement the recent revision of premium rates by the Government of India for the two flagship schemes - PMJJBY and Pradhan Mantri Suraksha Bima Yojana (PMSBY) to make these schemes economically viable.

Recently, after 7 years, the premium rate of Pradhan Mantri Jeevan Jyoti Bima Yojana has been increased to Rs 1.25 per day, which will increase from Rs 330 annually to Rs 436, in addition, the annual premium for Pradhan Mantri Suraksha Bima Yojana has been increased from Rs 12 to Rs. 20 has been made. These new premium rates have come into effect from June 1, 2022.

As of March 31, 2022, there were 6.4 crore active customers enrolled in the PMJJBY, said PTI.

According to PTI, as of March 31, 2022, the implementing insurers had collected Rs 9,737 crore in premiums, and claims totaling Rs 14,144 crore had been paid under the PMJJBY.

People between the ages of 18 and 50 who have a bank or post office account and give their approval to join or enable auto-debit of premiums are eligible for a life insurance cover of Rs 2 lakh in the event of death owing to any cause.

The Insurance Regulatory and Development Authority of India (Irdai) on Friday relaxed capital requirement for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).&nbsp;


Irdai relaxes capital requirement to encourage more insurers to participate in PMJJBY

Employees' Provident Fund Organisation (EPFO) will likely increase its equity exposure to 25 per cent from the current 15 per cent. The move aimed at&nbsp;ensuring that the EPFO subscribers get better interest rates on their contribution towards to Employees' Profident Fund. Zee Business' Anurag Shah brings this exclusive report.&nbsp;&nbsp;

At 8.1 per cent for FY22,&nbsp;interest rate on the provident fund is lowest in almost four decades.&nbsp;&nbsp;

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However, in the years to come, in order to ensure that the account holders do not get lower rates, the retirement fund body is planning to increase its equity exposure to 25 per cent from the current 15 per cent, Shah said.

&nbsp;EPFO's Finance Investment Committee has given its goahaed to the proposal and it is liklet to get a green signal in the meeting of the Central Board of Trustees scheduled later this month.

Currently, 15 per cent of the money collected through the EPFs is invested in equity while the remaining is invested in debt. The retirement fund body will be increasing its equity exposure in phases - from&nbsp;15 to 20 per cent initially and then from 20 to 25 per cent.

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In the debt instruments, EPFO investment retrn only between 7-8 per cent, Shah said. For FY22, the interest rate on the EPF contribution was 8.1 per cent which is lowes in 40 years, he said.

Meanwhile, the returns from equity investments is around 14 per cent which will ensure that the subscribers get better interest rates.

EPFO is one of the World's largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken. At present it maintains 24.77 crore accounts (Annual Report 2019-20) pertaining to its members.

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EPFO&nbsp;will likely increase its equity exposure to 25% from the current 15%


EPFO to increase its equity exposure; move to ensure better interest rates to subscribers 

In a major relief, Indian insurance regulator has allowed general insurance companies to launch insurance product in health, motor, property and almost all other segments without a prior approval. The Insurance Regulatory and Development Authority of India (IRDAI) has also allowed the companies to set pricing on their own.

The companies will now also be able to bring innovations according to their requirements. Zee Business’ Anurag Shah reports.

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This is being seen as a major reform in the general insurance sector.

IRDAI has given its consent on ‘Use and File’ products in categories including motor, health and property insurance. This will reduce launch time of the products.

The insurance regulator has allowed major reforms in the general insurance products. &nbsp;

The companies will get complete freedom in designing health insurance products. &nbsp;&nbsp;

The rules will apply for modification in ongoing products and new products. &nbsp;

IRDAI&nbsp;has given its consent on ‘Use and File’ products.

The customers will also get better opportunities in finding better priced products.

The companies will need to only inform IRDAI within 7 days of the launch products to get UIN number.

Companies will not be required to seek permission from IRDAI to launch products.

Genral insurance companies will get full freedom even in the motor insurace segment.

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<blockquote class="twitter-tweet">
इंश्योरेंस कंपनियों को बड़ी राहत 
इंश्योरेंस प्रोडक्ट्स के नियम हुए आसान 
लांच के लिए IRDAI की मंजूरी जरूरी नहीं 
ग्राहकों को क्या फायदा होगा ? 
 
जानिए अनुराग शाह से <a href="https://twitter.com/anuragshah_?ref_src=twsrc%5Etfw">@anuragshah_</a> | <a href="https://twitter.com/hashtag/Insurance?src=hash&amp;ref_src=twsrc%5Etfw">#Insurance</a> | <a href="https://twitter.com/hashtag/IRDAI?src=hash&amp;ref_src=twsrc%5Etfw">#IRDAI</a> <a href="https://t.co/98XygWC39I">pic.twitter.com/98XygWC39I</a>
— Zee Business (@ZeeBusiness) <a href="https://twitter.com/ZeeBusiness/status/1532316077979357184?ref_src=twsrc%5Etfw">June 2, 2022</a></blockquote>
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This is expected to increase competition among the general insurance companies and will offer greater choice to the customers.

In a major relief, Indian insurance regulator has allowed general insurance companies to launch insurance product in health, motor, property and almost all other segments without a prior approval


Anurag Shah