The Hindu Business Line : Micro insurance system soon

THIRUVANANTHAPURAM: The Insurance Regulatory and Development Authority (IRDA) is working on the introduction of a micro insurance system for a minimum Sum Assured of Rs 10,000.

The Life Insurance Corporation of India (LIC) conveyed this to the LIC Agents Organisation of India (LICAOI) at a recent interaction, said Mr P. G. Dileep, General Secretary of the organisation, here. A 10-member team of LICAOI, led by Mr Basudeb Acharia, President, had met with the LIC top brass.

LIC has also agreed to develop software to aid the field force make effective plan presentation and also to distribute the same to all agents for an interest-free loan. The revival conditions for lapsed policies will be further simplified and liberalised.

The charter of demands that covered problems pertaining to both agents and policyholders was taken up for discussion. Affirmative action has been taken in respect of a number of them.

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