Irdai’s Saral cover to heat up term insurance market

In October, the Insurance Regulatory and Development Authority of India (Irdai) directed all life insurers to start selling from January 1, 2021 the Saral Jeevan Bima — a cover with standard wording for sum insured ranging from Rs 5 lakh to Rs 25 lakh. Although insurers have been wary of selling lower value term covers, the rise in demand for term cover during the pandemic has shifted focus to protection.

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