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The insurance regulator is working with insurers to bring out standardised products that can be sold over the counter.
TS Vijayan, Chairman, Insurance Regulatory and Development Authority of India (IRDAI), said: “We are working with companies in bringing out simple products that can be sold over the counter with generalised features like savings bank products.”
Vijayan said that the products will be pre-underwritten with defined benefits. He clarified that complex products, such as unit-linked insurance plans will not be sold over the counter.
He said the regulator has asked insurers to ease claims settlement procedures following the Chennai floods and is looking at the pace of settlement, especially that of non-life insurers, following a large number of claims.
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