IRDAI has announced a cash prize of Rs.10,000 for suggesting the name for a standard non-life policy that will offer protection against fire and perils to small businesses.
The policy is designed keeping in mind occurrence of catastrophic events like floods which cause huge losses to small business owners. IRDAI suggested that the name should be written in plain and simple language that would appeal to the target groups.
There will be three groups
- Policy covering dwellings for any sum insured
- Policy covering micro commercial entities having value of up to Rs.5 crore
- Policy covering small commercial entities having value of up to Rs.50 crore
In a press release, IRDAI said, “Recognizing the importance of having appropriate names for the proposed standard products that would appeal to the targeted individuals / entities, the authority hereby invites suggestions from the public for suitable names for the products. While suggesting names, relevance, simplicity and ease of recall may be kept in mind in addition to the pan-India usage.”
You can submit your suggestion to IRDIA through email at nl-products@irdai.gov.in by July 10, 2020.