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At least three insurance companies are looking to launch a surety insurance product, of which Bajaj Allianz General is set to be the first company to launch the product on December 19.
This will make it the first general insurance company to launch the product after Finance Minister Nirmala Sitharaman in this year’s Budget had said surety bonds can be used as a substitute for bank guarantees for government procurement.
SBI General Insurance and Tata AIG General Insurance are also said to be looking at launching a surety insurance product soon, said sources. However, India’s largest private sector general insurer
