IRDAI chairman wants affordable insurance for all

Synopsis

IRDAI chairman Ajay Seth defined 'Insurance for All' as available, accessible, and affordable products. He stressed the need for full transparency and informed consent from the public. Products should cater to diverse economic and societal segments across the nation. Transparency offers the best solution for addressing current challenges effectively. Incentives linked to sales quality, not just volume, are also crucial.

New Delhi: The goal of 'Insurance for All' means insurance products which are available, accessible and affordable, said Insurance Regulatory and Development Authority of India (IRDAI) chairman Ajay Seth.

The public needs full transparency and there is a need for informed consent, he said.

"The authority's understanding of 'insurance for all' is that the product should be available, it should be accessible, and it should be affordable for the needs and the budget of different segments of the economy, different segments of the society and all parts of the country," Seth said at an Insurance Brokers Association of India (IBAI) event on Saturday.

Transparency is the best solution for challenges, he said, adding, "The second would be the right incentive or the right disincentive. So incentives which are linked to the quality of sales, not just the volume."