Simplify insurance terms: IRDa

Pulling up insurers for framing ‘unreadable’ contracts couched in legalese, insurance regulator IRDA on Tuesday admonished them to simplify their products.

Pulling up insurers for framing ‘unreadable’ contracts couched in legalese, insurance regulator IRDA on Tuesday admonished them to simplify their products.

“We will even force the industry to make available products that are robust and fair,” said IRDA Chairman J Hari Narayan at the 13th CII Insurance Conference here.

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“If you want to widen reach, think of having simple products and I don’t see why the industry is not moving in that direction,” said Narayan.

The regulator also spoke about bringing in portability in the health and motor insurance space.

“In order to make the product better it is good to encourage and mandate portability,” said Narayan.