Team Blitz India
NEW DELHI: 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.
As per the master circularissues 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 Once the number of Gram Panchayats to be covered by each insurer is determined, the insurers can identify them in a State(s) of theirchoice for fulfilment of obligations, the IRDAI said.
A similar exercise will also be taken up by the General Insurance Council to identify the Gram Panchayats for extending the healthcover,Motor Third Party (MTP) insurance and the dwelling shops, per the new norms.