The regulator, Insurance Regulatory and Development Authority of India (IRDAI), is engaged with the insurance industry to improve awareness and push appropriate products which are need-based.
"We have asked every insurance company to adopt one aspiration district where awareness creation is done," he said.
Citing the example of Tripura, he said, the state government wants 100 per cent insurance inclusion among all families.
The Aspirational Districts Programme (ADP), launched by Prime Minister Narendra Modi on January 5, 2018, aims at rapid transformation of 115 districts that have shown relatively lesser progress in key social areas and have emerged as pockets of under-development.
Speaking at the virtual conference, Additional Secretary (Insurance) in the Department of Financial Services Amit Agrawal said there is a need for simpler financial products where the possibility of mis-selling is less and is easier for consumers to understand.
Consumer protection is underpinned by higher levels of competition and greater consumer choice, Agrawal said, adding, the financial market has a role to play here.
As greater FDI comes and more number of listings happen, he said, an entity widely held with greater investor participation will have better disclosures.
Agrawal also emphasised the need to look at the Investors beyond silos as investors are one but comes under different regulatory institutions because of the nature of investment.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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