Irdai adds 3 more products under point of sale persons format

Insurance regulator Irdai has allowed three more products, including corp insurance with a sum insured of Rs 1 lakh, under the point of sale persons format.
The Insurance Regulatory and Development Authority of India (Irdai) has already put in place the concept of Point of Sales Persons to solicit and market pre-underwritten insurance products.
Besides, it also allows any other policy that may be specifically approved by the Authority.
"After examining the requests, it is decided to include the additional products... To be solicited and marketed through point of sales persons by non-life and health insurers," it said.
The three additional products are crop insurance with a sum insured limit of Rs 1 lakh per acre for all kinds of crops and hospital cash policy where a fixed benefit in the form of cash for every day of hospitalisation with a limit of Rs 1 lakh per individual.

Besides, a critical illness policy which covers 8-9 critical illness with the maximum sum insured limit of Rs 3 lakh per individual will also be included.
"The insurers who are willing to solicit and market the above range of products through point of sales persons may file their products to the Authority," it said.
These products will come under the said guidelines with effect from the date of issuance of the circular.