Insurance firms asked to bring out simple, low-cost products

PSU insurance companies have been asked to devise simple and low-cost products keeping in mind the needs of the common man.
They have also been asked to use the Jan Dhan Yojna extension network to distribute their schemes.
The companies were given this advice at a meeting called to review the performance of public sector insurance companies and also the insurance sector.
Department of Financial Services under Ministry of Finance and Insurance Regulatory and Development Authority (IRDA) had called the meeting.
Hasmukh Adhia, Secretary (Financial Services), T S Vijayan, Chairman of IRDA, and senior officials of the public sector insurance companies participated in the conclave, according to an official statement.

The meeting was called to review the performance of Government-owned insurance companies and address issues affecting their performance.
"The companies were asked to cater to the insurance needs of the common man by devising simple, low-cost products and use the PMJDY (Pradhan Mantri Jan-Dhan Yojana) extension network to distribute their products," the statement said.