The Hindu Business Line : IRDA chief for products with rural bias

"DON'T look at the entry into rural areas as an obligation, but as a potential." This is how Mr C.S. Rao, Chairman, Insurance Regulatory Authority, would like the insurance companies to take up as a challenge. He was talking to presspersons on the sidelines of the National Insurance Academy function.

He said all these years' products had been developed with the urban consumers in mind and with tax exemption as the dessert. It was time insurers started looking at products that would interest the rural counterparts such as single premium policy in the life segment. There could even be a health cover with a single premium, he noted.

Mr Rao said that there were large clusters of industrial units which were vulnerable to disasters such as cyclones, floods and now earthquake. "Though these disasters are not a common occurrence, one hit takes away the entire savings of the people and this segment has not been looked into so far," he pointed out.

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