News From Press IRDA approves a slew of new products

IRDA approves a slew of new products

Source: The Hindu BusinessLine Jun 13, 2016

Insurance regulator IRDA has ramped up new product clearances, signalling its commitment to improve life insurance penetration in the country.

New insurance product approvals grew 46 per cent in 2015-16 to 227 from 155 in previous fiscal, official data showed.

Although IRDA has been driving change in the insurance sector, the level of life insurance penetration has been low. The country’s life insurance penetration had dipped to 2.6 per cent in 2014-15 from 2.8 per cent in 2013-14.

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