If the new scheme of IRDAI is implemented, then you will be able to pay the insurance premium money in installments (Indicative picture)
This scheme is being increased because even after the efforts of the government and companies, the scope of insurance is not increasing in the country. The government wants more and more people to come under the purview of insurance, but this effort is not paying off.
Insurance Regulator Irda (IRDAI) is working on such a scheme, with the implementation of which many problems of insurance takers will be removed. The biggest responsibility is to pay premiums on time, both at the time of taking insurance and after. Many times people are not able to take insurance even after wanting because the price is very high. Even if you take insurance by adding money and money, then premium is required on time to run it. Delay in premium means penalty. In view of all these problems, IRDA has made a new plan. If implemented, customers will be able to take loans for the purchase of retail and corporate insurance. This will remove their financial misery. EMI to pay premium later (EMI) will get the facility to pay money.
This scheme is being increased because even after the efforts of the government and companies, the scope of insurance is not increasing in the country. The government wants more and more people to come under the purview of insurance, but this effort is not paying off. Loans and EMIs are being planned to deal with this. Under this new facility, the customer can divide the payment of insurance over several months. That is, by not paying at once, money can be repaid multiple times. As EMI can be paid, in the same way insurance premium can be paid.
what is new planning
The customer will not be required to fill the entire amount in lumpsum before taking the policy. Loan can also be taken for premium money. If you do not have the money to take the policy, then you can finance it. For this, the finance company will pay the premium amount to the insurance company. Later the finance company will be able to take the insurance money from the retail customer in EMI. If the customer does not pay the insurance money, makes any kind of default, then the insurance company will repay the loan amount to the financier.
A senior official with knowledge of the matter told ‘Economic Times’ that this step is being taken to increase the coverage of insurance among the people. With the introduction of the facility of finance, more and more people will be able to take insurance. Along with this, the market of finance will also increase in the country, due to which companies will increase their work. The official said that the plan is under consideration. To implement this, the Insurance Act will have to be changed. For this the consent of the government will also be necessary.
buy insurance by taking loan
The current rule is that the retail customer has to pay a lump sum amount at the time of buying the insurance. At that time the customer has to pay a premium in lumpsum. If the annual premium is 15 thousand then this amount has to be paid. This will not happen in the New Testament. In this, the broker or insurance company will give an offer to the customer that if he wants, he can pay the premium money in installments. This money can also be taken on loan. The finance company will give money to the insurance company on behalf of the customer and later take it on EMI from the customer. If the customer defaults, the insurance company will return the remaining installment amount to the finance company.
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