{"id":245600,"date":"2023-05-31T19:54:39","date_gmt":"2023-05-31T14:24:39","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=245600"},"modified":"2023-05-31T19:54:39","modified_gmt":"2023-05-31T14:24:39","slug":"universal-cover-irdais-plans-to-expand-risk-protection-levels-need-government-backing","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/universal-cover-irdais-plans-to-expand-risk-protection-levels-need-government-backing\/","title":{"rendered":"Universal cover &#8211; IRDAI\u2019s plans to expand risk protection levels need government backing"},"content":{"rendered":"\n<p><b>Source:\u00a0<\/b>The post is based on the article<b> \u201cUniversal cover &#8211; IRDAI\u2019s plans to expand risk protection levels need government backing\u201d<\/b> published in <b>The Hindu <\/b>on\u00a0<b>31st May 2023<\/b><\/p>\n<p><strong>Syllabus<\/strong>: GS \u2013 2: Issues relating to the development and management of Social Sector\/Services relating to Health.<\/p>\n<p><strong>Relevance<\/strong>: About all-in-one insurance policy.<\/p>\n<p><strong>News<\/strong>: Insurance Regulatory and Development Authority (IRDA) is devising a \u201cUPI-like moment\u201d in the insurance sector by planning an all-in-one insurance policy.<\/p>\n<h2>About India&#8217;s insurance sector<\/h2>\n<p>Earlier, the Indian insurance sector was a public sector-led industry. But now with the entry of private players, India\u2019s insurance penetration (the ratio of premium payments to GDP) has risen \u2014 from 2.7% in 2001-02 to 4.2% in 2021-22. This is a slide in the metric over the past decade from 5.2% in 2009-10. Further, non-life policies are yet to surpass 1% of the total mark.<\/p>\n<h2>About the all-in-one insurance policy<\/h2>\n<table style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\"><strong>Must read: <\/strong><a href=\"https:\/\/forumias.com\/blog\/all-in-one-policy-plan-to-spread-insurance-in-india\/\" target=\"_blank\" rel=\"noopener\"><strong>All\u00ad-in-\u00adone policy plan to spread insurance in India<\/strong><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>What will be the expected benefits of an all-in-one insurance policy?<\/h2>\n<p>-State government&#8217;s involvement and the creation of state-level insurance committees would help formulate granular district-wise strategies for raising awareness and coverage levels.<\/p>\n<p>-Industry players need to look beyond the top cities and the \u2018Bima Vistaar\u2019 scheme could catalyse the volumes they need to get out of their comfort zones.<\/p>\n<h2>What more should be done to make all-in-one insurance policy work?<\/h2>\n<p>India is a country where one health calamity can push a household below the poverty line. So, the Centre needs to <strong>rethink the 18% GST levy on health and life insurance premiums<\/strong>.<\/p>\n<p>The IRDA underwent a nine-month vacuum before the appointment of the current chairmen. To make policies work the government should ensure a continuity of leadership in the IRDA.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source:\u00a0The post is based on the article \u201cUniversal cover &#8211; IRDAI\u2019s plans to expand risk protection levels need government backing\u201d published in The Hindu on\u00a031st May 2023 Syllabus: GS \u2013 2: Issues relating to the development and management of Social Sector\/Services relating to Health. Relevance: About all-in-one insurance policy. News: Insurance Regulatory and Development Authority&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/universal-cover-irdais-plans-to-expand-risk-protection-levels-need-government-backing\/\">Continue reading <span class=\"screen-reader-text\">Universal cover &#8211; IRDAI\u2019s plans to expand risk protection levels need government backing<\/span><\/a><\/p>\n","protected":false},"author":10311,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[212,10498],"class_list":["post-245600","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-2","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/245600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10311"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=245600"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/245600\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=245600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=245600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=245600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}