IRDA Plan To All In One Policy For Insurance In India

All In One Insurance Plan: Insurance Regulatory IRDA is preparing to bring a single policy plan to give the benefit of insurance cover to most of the citizens of the country. If it is introduced, then the citizens of the country will be able to get the benefits of all types of insurance including health, life, property, accident risks on only one insurance policy. It will be kept so cheap, so that even poor families can take advantage of it.

This insurance policy will be all in one. If a person covered by this policy dies and a claim is made, arrangements will be made to settle it within hours. Apart from this, cover will also be given for things like gym and yoga. However, you will have to select all these options while purchasing the subscription to the policy.

More people will get the benefit of insurance scheme

Insurance Regulatory and Development Authority (IRDA) is preparing this new insurance product to connect maximum number of people with insurance schemes. The benefit of all types of cover will be given under a single insurance and the claim will be settled within hours.

Jobs will also increase

The regulator believes that this policy reform will increase the number of investments from different sectors. Also, the number of jobs in this sector can double to 1.2 crores. A new Bima Sugam platform will connect insurers and distributors on a single platform to make it a one stop shop for customers.

This initiative will prove to be a game changer

With this effort, all the policy holders will be connected on a single platform. The back-end engine will also process the claim from the insurance company and transfer the money to the bank account within 6-8 hours or maximum, the claim settlement can be in your account the next day. Experts believe that this policy will prove to be a game changer.

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