Let us call you back. Just share your number for a call back in less than 15 minutes

We can’t proceed without your mobile number. Help us?
Sigh. We need the reason for call back to pick the right person for the job. Help us?

Is it super urgent? Call us on our Toll Free numbers

BTW, we respond to email queries with lightening fast speed. Send email instead?

Someone from the team will get back to you ASAP!


Oh! Just in case you still need our Toll free

1800 209 9970
Also schedule a callbackAlso send an email

Your Claim Assistance request has been registered with us.

We will contact you before 11am tomorrow.

If its an emergency, for immediate assistance please feel free to contact our Customer Support Unit on 1800 209 9960
For Health, Travel and Trm insurance claim, please contact us on 1800 209 9970 for Car and Bike insurance claims.

IRDAI Approves Many New Insurance Products

IRDAI is currently working on increasing the pace of new insurance product approvals. Learn how this boosts protection levels, benefiting both insurers and policyholders.

image title

The insurance watchdog of the nation - Insurance Regulatory & Development Authority of India (IRDAI), recently has ramped up its new product clearances with its objective to boost insurance penetration for citizens.

As per the official data, new insurance product approvals have shot up from 46% in 2015-2016 to 227 from 155 in the previous year. Although IRDAI has been introducing dynamic change in the insurance sector, the level of life insurance penetration dipped.

In fact, they have been working on several areas to enhance the protection level in the country. The first is by making it mandatory for insurers to offer coverage that is five times the premium and then raising it to ten times thus, assuring that consumers have access to products that guaranteed a higher level of protection. Secondly, by ensuring that the products are quickly approved.

Faster approvals by IRDAI result in simplified and refined insurance products in the protection space. One of IRDAI’s major causes of concern has been the ‘mortality protection gap’. This is the difference between the actual insurance cover required and the current cover received.

IRDAI is taking earnest efforts to increase awareness on the importance of protection levels. There is a dire need to clear the misconception about them not being eager to give product approvals.

Apparently, the insurance regulator is fully backing the industry when it comes to product support and innovation.

Get lowest quotes for Car Insurance

Avail upto 60% discount on Premium.

Please enter a valid phone number
Thanks! We will get back to you soon.

I hereby authorize Coverfox to communicate with me on the given number for my Insurance needs. I am aware that this authorization will override my registry under NDNC.

Karen Menezes
Written by Karen Menezes
An optimist at heart, Karen loves to see the world through a pair of rose-tinted glasses. An award-winning blogger, she loves to dream with her eyes open. Writing is not her passion, it’s an OCD! If at all she isn’t writing, you can find her shopping online or experimenting with DIY recipes. This lass currently works as a Content Writer at Coverfox.

Spread the love!