India Business Journal - Insurers told to provide 3 standard products

MONEY

Insurers told to provide 3 standard products

IBJ Bureau
Jan 22, 2021

The IRDAI has asked general insurance companies to offer mandatorily three standard products, covering risk of fire and allied perils from April 1. The insurance regulator has said that the Standard Fire and Special Perils (SFSP) Policy must be replaced by the three standard products – Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha. Bharat Griha Raksha is meant for home building and home contents, while Bharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha are for enterprises with total value at risk up to Rs 5 crore and between Rs 5 crore and up to Rs 50 crore respectively.