IRDAI mulls longer-tenure general insurance products

IRDAI is said to be exploring general insurance products with longer tenures and has written to the general insurance companies in this regard and formed a working group as well with representatives from the industry.

“The insurance regulator is looking at whether the insurers can increase the tenure of the general insurance products such as motor, health, or property so that the customer benefits,” said a senior private sector insurance executive aware of the development.

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