After the current hike within the premium fee, the Insurance Regulatory and Development Authority of India (Irdai) on Friday relaxed capital requirement norms considerably for insurers to encourage their participation within the authorities’s flagship programme Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
The regulator has decreased the capital required to be held by insurers providing PMJJBY by nearly 50 per cent.
This transfer will allow life insurers to supply extra insurance policies beneath the scheme, and supply monetary safety to the underside of the pyramid of the Indian inhabitants by way of life insurance coverage, Irdai stated in a press release. The easing of capital necessities by Irdai will speed up the penetration of life insurance coverage in India and can help the life insurers in attaining the goal set by the federal government. The authorities has not too long ago hiked the premium charges for the 2 flagship schemes, PMJJBY and Pradhan Mantri Suraksha Bima Yojana, to make these schemes viable.
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