Live
- Only 9.83 pc candidates are women in NE states
- YSRCP Bheemili MLA candidate visits various wards
- 37 in fray for three seats in 1st phase, Cooch Behar gets maximum security
- Jhansi meets people during her morning walk
- World Liver Day 2024: Theme, History, and Significance
- Google Pixel 9 Rumoured AI Features: Magic Composer, Autofill Smart Reply, and More
- Malladi Vishnu complains to EC on Naidu, Ayyanna & Pawan
- MyVoice: Views of our readers 19th April 2024
- Peddireddi touched my feet for DCC post, recalls Kiran
- All politicos must commit to free press
IRDA calls for ‘Jan Bima Yojana’
In a move to push insurance deep into rural India, the Insurance Regulatory and Development Authority (IRDA) Chairman TS Vijayan suggested that the government should launch ‘Jan Bima Yojna’ on the lines of ‘Jan Dhan Yojana’.
Suggests to insurance companies to pay minimum wage amounting to `10,000 per month to agents
Mumbai: In a move to push insurance deep into rural India, the Insurance Regulatory and Development Authority (IRDA) Chairman TS Vijayan suggested that the government should launch ‘Jan Bima Yojna’ on the lines of ‘Jan Dhan Yojana’.
"The Prime Minister should launch ‘Jan Bima Yojna’ in line with the ‘Jan Dhan Yojna’ to increase the level of awareness among people on the importance of insurance. There is a need for concentrated efforts to make people aware about insurance," Vijayan said here at the 16th FICCI Annual Insurance Conference.
The Narendra Modi-led government launched the 'Jan Dhan Yojana' in August this year with an aim to deepen the banking penetration, and the banks have so far responded by opening over 6 crore basic accounts of the targeted 7.5 crore. Just like banking, the country is also under-covered from an insurance point of view.
On foreign holding caps in the insurance sector, Vijayan said allowing 26 per cent FDI in the life and non-life companies has upped the industry's growth to 3.9 per cent from the earlier 1.7 per cent.
However, he said that this growth rate of 3.9 per cent is not enough and there is a vast potential in the country as annually for the next 20 years about 2.5 crore people will be entering the job market.
On the non-life front, the potential is huge as the vehicle ownership is growing by over a million every year, he pointed out.
"The 26 per cent FDI has been a success story. So many companies have come, collaboration has come and technology has come. For any investment we should look at if our legal and regulatory system can control it. We are quite capable of doing that. We should ensure that the deployment of money is as per regulations only, and any policy holder liquidity should be invested in India only," he added.
The regulator also asked the insurance companies to protect the agents by fixing minimum wages for them and create employment opportunities in the industry. "There should be some minimum protection for the insurance individual agents also. Companies should come forward to remunerate agents in terms of minimum wages of Rs 10,000 per month," he advised.
As of now there are 20 lakh agents in the insurance agents, both life and non-life, in the country.
