new Delhi: In the year 2020, to ensure people have adequate options of insurance policy, the regulatory IRDA promoted insurance products ranging from Corona Armor to Corona Protector covering the treatment of corona virus related health problems. This year, the insurance regulator offered standard products along with increasing consumer confidence and easing the ‘Know Your Customer’ (KYC) norms. With the outbreak of the Kovid-19 epidemic in March, the IRDA asked for speedy disposal of claims of hospitalized people for treatment related to the disease.
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Along with this, the Insurance Regulatory and Development Authority of India (Irdai) directed the insurance companies to design specific products to cover the cost of treatment related to corona virus. Subsequently, a short-term corona armor policy was introduced. In the last six months, the regulator introduced several new insurance products including Arogya Sanjeevani, Corona Rakshak and Corona Kavach. Tarun Mathur, Chief Business Officer, PolicyBazaar.com said, “The insurance regulator says that the introduction of standard insurance plans will make it easier for consumers to choose services.”

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HDFC Life Chief Financial Officer Neeraj Shah said that during this period the role of the regulator remained proactive and customer focused, which helped in creating profitable products for the customers. He said that providing insurance scheme with OTP based consent and introduction of Video KYC benefited the customers as well as the industry. He said, “We remain optimistic about the medium to long term prospects of the insurance industry in India. We believe that there are opportunities for several decades in the categories of patronage and retirements and these will grow faster than savings. ”

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