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Saturday, June 13, 2009

Irda seeks policy papers in local languages

The Insurance Regulatory and Development Authority (Irda) is now insisting that insurers need to have their policy documents in vernacular languages in a bid to step up increase penetration level of the insurance products.

"Companies will have to think of one-two pages of document in vernacular languages," said J Hari Narayan, chairman of Irda.

"If we are saying that we have to widen the base and go for 3% or 4% or 5%...whatever, and go down to tier II, tier III towns, then the companies will have to come out with documents in vernacular languages," he said.

In the Micro Insurance Regulations, the regulator has already asked both the life and non-life insurance companies to issue policy documents in simple vernacular language.

According to a report by Ernst and Young, more than two-thirds of India's population lives in rural areas, where micro-insurance is seen as the most suitable aid to reach the poor and socially disadvantaged sections of society.

source: Indian Express Finance

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