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AN IMPETUS OF STANDARD INSURANCE PRODUCTS AVAILABLE IN INDIAN INSURANCE SECTOR

  • Unique Paper ID: 164447
  • Volume: 10
  • Issue: 12
  • PageNo: 1533-1538
  • Abstract:
  • Indian Insurance Industry has existed for a long time and insurance has been covering lives and livelihoods for ages. Insurance covers risks of various diversities and is available as life insurance, general insurance, and health insurance. There are many insurance providers in the market both from the public and private sectors. IRDAI is the regulating agency that regulates nationwide insurance activities. IRDAI provides a list of schemes that become the base product for floating any insurance schemes and policies in the market. These schemes are called Standard Insurance Products. As per the guidelines of IRDAI, all the insurance players in the market must compulsorily provide the basic coverage as prescribed by the Standard Insurance Products(SIP). The insurance players cannot defy the guidelines set by SIP. This paper tries to identify and highlight the importance of Standard Insurance Products. These products and their awareness will help the insurance coverage postulants to plan the coverage and accordingly look for the right schemes from the available schemes in the market.
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Cite This Article

  • ISSN: 2349-6002
  • Volume: 10
  • Issue: 12
  • PageNo: 1533-1538

AN IMPETUS OF STANDARD INSURANCE PRODUCTS AVAILABLE IN INDIAN INSURANCE SECTOR

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Impact Factor
8.01 (Year 2024)
UGC Approved
Journal no 47859

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