Page 12 - Insurance Times November 2022

Indian insurance industry Immediate Annuity products from pro-
ceeds of the National Pension Scheme Half vehicles are unin-
can be sixth largest: IRDAI
(NPS). In the current scenario, NPS re- sured: IRDAI Chairman
The Indian insurance sector, which is tirees submit an exit form to NPS and a
IRDAI Chairman Mr. Debashish
growing at 11 per cent CAGR for the proposal form to insurers at the time of
Panda hassaid that close to half the
last five years, the momentum is ex- superannuation.
vehicles in the country continue to
pected to continue and could lead In-
The regulator IRDAI said, "It has been remain uninsured, which is a cause
dia to become the sixth largest market
observed that Pension Fund Regulatory of worry.
globally, from ten now, said Debasish
and Development Authority (PFRDA) is
Panda, Chairman, IRDAI. Speaking at the insurance summit
collecting exhaustive exit form from the
in Mumbai, IRDAI chairman asked
He said that the industry has been NPS retirees which capture necessary
the insurance students to come up
growing at 11% CAGR for the last 5 details which insurance companies re-
with innovative and tech-enabled
years but to insure every person in In- quire in the proposal form."
ways in which India can cover up
dia a highlighted importance of insur-
This way, the exit form of NPS will now be the 83% protection gap. "The sec-
ance as financial and social protection
treated as a proposal form for purchas- ond area of focus should be prod-
has to be worked upon.
ing annuities, thereby reducing the time uct simplification and innovation.
"Economy is showing great resilience and efforts of senior citizens and insurers. Tech-based coverages and region-
against pandemic and global political based coverages have to be looked
unrest, showing 7% growth as opposed into because one-size-fits-all is no
Get customers e-insurance
to the global 2.9%, he believes the in- longer applicable," said Panda.
surance industry should not be left be- accounts: IRDAI to indus-
Panda said that IRDAI is also work-
hind. Growth momentum is expected
try
ing on Bima Sugam - a one-stop shop
to remain constant which is a golden
The insurance regulator urged the for insurance. Bima Sugam is a new
opportunity for the Insurance sector
companies to open e-insurance ac- online platform approved by the
which can go from 10th largest to 6th
counts (e-IA) for their customers, which regulator where different types of
largest," Panda said.
would act as the first step towards insurance products will be sold.
dematerialisation of insurance policies.
The policies sold on the platform will
IRDAI eases norms for
e-IAs serve as a repository of all insur- be in digital form, and buyers need
pensioners ance policies that the customers have not worry about the safekeeping of
To bring ease of living for NPS retirees, subscribed to. The regulator has been the contract. Besides selling poli-
the Insurance Regulatory and Develop- discussing with the insurance industry cies and servicing claims, the plat-
ment Authority of India (IRDAI) has re- on dematerialisation of insurance poli- form will make it possible for cus-
laxed the requirement of submitting a cies, a move aimed at increasing cus- tomers to port their policies from
separate proposal form for taking the tomer convenience. one provider to another.
10 November 2022 The Insurance Times