The insurance sector regulator – Insurance Regulatory and Development Authority of India (IRDA) on Wednesday said all such products will be available till 31st March 2016.
The regulator had notified on March 2015, that all micro-insurance products do not comply with the updated micro-insurance regulation (2015) would be withdrawn with effect from January 1, 2016.
The regulator said that “only a few products” were filed by insurance companies till date. Micro-insurance products are beneficial to the low income group and to ensure their availability the deadline has been extended, IRDAI said in a circular.
The latest micro-insurance code some significant amendments on structure of the product, risk coverage, distribution of such products.
