The Hindu Business Line : Insurers urged to offer ‘combo’ micro products

Mumbai, Sept. 30 Insurance companies should come up with products that offer a combination of life and non-life cover for the micro insurance segment, said Mr Tarun Bajaj, Joint Secretary (B&I), Ministry of Finance, Department of Financial Services, Government of India.

Speaking on the sidelines of a seminar organised by CII here, Mr Bajaj said that the regulator has allowed life and non-life insurance companies to jointly sell such combo products. He urged insurance companies such as LIC to take the initiative in this regard.

Mr Bajaj also said that insurance companies can work with Nabard to reach out to self-help groups to promote micro insurance. “SHGs are an exciting channel which can be leveraged to provide insurance cover for the low income group,” he said.

The government was also considering special statues for stand-alone health insurance companies , he said.

The Insurance Bill, which may be tabled in the upcoming Parliament session, would also take up issues like hybrid capital for insurance companies and upgrading of rep offices of reinsurance companies to branches, Mr Bajaj added.

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