IRDAI asks insurers to offer 3 standard products for fire, allied peril from Apr 1
IRDAI has asked general insurance compaines to mandatorily offer three standard products covering risk of fire and allied perils from April 1. The regulator said the Standard Fire and Special Perils (SFSP) Policy will be replaced by the three standard products -- Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha. It shall be mandatorily offered by all general insurers carrying on fire and allied perils insurance business with effect from April 1, 2021.
Reuters