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Focus on coverage provided, not premium collected

Measuring actual coverage provided, rather than premiums received, will ensure that the insurance industry's success is aligned with the goal of 'insurance for all'

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Harsh Roongta

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The Insurance Regulatory and Development Authority of India (Irdai) has committed to providing adequate life, health, and property insurance coverage to all citizens by 2047. This is a laudable goal since all of us know of at least one family whose life was turned upside down due to the main wage earner’s untimely death, or expenses incurred on a major sickness.
 
If all working citizens obtain sufficient life insurance so that the death claim amount is sufficient to restore the lost wages of the deceased wage earner, then the goal of “insurance for all” can be said to have been
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

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First Published: Mar 26 2023 | 9:16 PM IST

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