Kathmandu. The Government of India is likely to launch an insurance expansion plan from December. Insurance expansion is an ‘all-in-one’ insurance product launched by insurance regulator IRDAI. It aims to increase access to insurance in rural areas and provide a robust social security network.
The scheme integrates life, health, personal accident cover and property insurance into a single policy. This makes it a comprehensive and affordable insurance solution. Its main objective is to achieve the goal of insurance for all by 2047.
The Life Insurance Council has said that ‘Insurance Expansion’, a comprehensive insurance product of life, health and property for rural India, can be started by Next December. ’
Kamlesh Rao, chairman of the Insurance Awareness Committee (IAC-Live) of the Insurance Industry Organization, said, “This insurance is specially designed for rural areas of India and all insurance companies will sell it at the same premium rate. Under this scheme, each person will get an insurance cover of Rs 5 lakh. ’
All 26 life insurance companies, including life insurance corporation of India (LIC), are members of the council. Rao said that this insurance will be started to increase the reach of insurance in rural areas of the country. “Access to insurance in rural India is low,” he said, adding that an insurance expansion scheme will be launched, which aims to increase access to insurance in rural India. ’
