The Insurance Regulatory and Development Authority of India (Irdai) has called on insurers to develop strategies for offering affordable policies, aligning with the ambitious "insurance for all" target by 2047, according to media reports. This initiative aims to address the pressing issue of unaffordable health insurance premiums, which are driving many senior citizens to forgo coverage.
The "Insurance for All" vision conclave, held in Mumbai, brought together industry stakeholders to define the concept and establish mechanisms for tracking progress. Key proposals included expanding the provider landscape to foster competition, diversify products, and reduce costs. Enhancing distribution channels to reach underserved areas and leveraging Insurtech to optimise operations and lower administrative expenses were also suggested.
Industry participants emphasised the importance of fortifying state insurance plans to make coverage more affordable. By streamlining processes and reducing costs, insurers can pass the savings on to consumers in the form of lower premiums, making insurance more inclusive and accessible to all.
Irdai's push for affordable insurance products aims to address the challenges faced by senior citizens and other vulnerable groups, ensuring that coverage is within reach for everyone by 2047.
