Insurance Regulatory and Development Authority of India (Irdai) and insurers are focussing on long-term and systematic protection-based plans. The regulator has more than doubled the number of approvals given for such products.
There has been more than 160 per cent rise in the number of protection-based products and riders in the industry approved by Irdai in calendar year 2015. Irdai approved about 97 protection-based plans/riders in 2015, compared with 37 protection-based plans/riders a year ago.
