In a move that can bring insurance down to the grassroots, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated life and general insurers to extend cover to certain identified Gram Panchayats.
Per the master circular issues by the regulator on rural, social and motor third party obligations, the Life Insurance Council, in consultation with the Ministry of Panchayat Raj, will indicate the minimum number of Gram Panchayats to each life insurer on mutually agreed parameters such as market share, or any other parameter.
