However, insurance advisors feel that it would be difficult to sell these products due to lack of awareness.
General insurance companies are set to hit insurance market with many new products this year for which they have received IRDA approval recently. While some of the newer companies are strengthening their product lineup in existing product categories, a few products are going to be truly unique.
IRDA has approved 167 non-life insurance products in the financial year 2012-13 out of which 63 products are unique e.g. insurance coverage for ATM safety, commercial political risk, kidnap-ransom, plate glass, sign board, jewelry, cellular, films, arts etc. A spokesperson from a private non-life insurance company said that these unique products are designed in response to the evolving needs of customers.
Some general insurance companies including The New India Assurance, Shriram General, Reliance General, Cholamandalam General and Future Generali General Insurance have also got approvals from insurance regulator to launch unique agriculture products like pig insurance, honey bee insurance, camel insurance, foetus (unborn calf insurance), duck insurance, silk worm insurance, animal driven cart insurance, livestock protection etc.
Krishnamoorthy Rao, CEO Future Generali said that the agriculture insurance has greater potential in the coming days especially in the agri-based Indian economy. “The focus of insurance companies on these areas is recent. Now both central and state governments are promoting agriculture growth in rural areas. Therefore, we are looking forward to expand our reach in rural areas through these unique products,” he said.
However, some insurance advisors doubt whether these products would be accepted easily. Nilesh S Shah, a Coimbatore based Insurance Advisor said they may not take off in a big way because of lack of awareness. Even insurance advisors do not know much about these unique products, he said.
IRDA data shows that Liberty Videocon has received approval for 30 new products while Magma HDI has received the go ahead for 23 products last year. SBI General Insurance got 19 product approvals. Among the other general insurance companies to receive approvals are New India Assurance (15), HDFC ERGO (11), L & T (14), Bajaj Allianz(10), Universal Sompo (7), ICICI Lombard (6), Reliance General (6), United India (4), Royal Sundaram (4), Cholamandalam (3) and Future Generali (2).
Besides, IRDA has also given clearance to 30 products of motor insurance segment, 26 liability insurance products, 22 engineering insurance products, 9 fire insurance products and 8 marine insurance products.
The
data on the list of products approved under the health insurance category was
not available yet.