An Irdai committee has suggested reduction in entry-level capital requirement for standalone micro-insurance companies to ₹20 crore from the current ₹100 crore with a view to accelerate expansion of this segment of insurance market in the country.
The committee set up by the Insurance Regulatory and Development Authority of India (Irdai) to suggest steps to promote micro-insurance said that like other nations India too will need to attract multiple players if it wants to substantially increase insurance penetration.
