New Delhi: Insurance sector regulator Irdai (Insurance Regulatory and Development Authority of India) has invited the public to come up with names for three insurance policies keeping in view the needs and aspirations of the target group.
The regulator has announced an award of Rs 10,000 each and a citation for suggesting appropriate names.
Irdai has sought names for standard products for dwellings and small businesses in the segment of 'Standard Fire and Special Perils'. The names should convey the objective of the policy which is to provide a protective shield to dwelling units and small businesses from catastrophic events, largely floods.
Irdai said, based on the recommendations of a Working Group the following three standard products are proposed in the segment of Standard fire and Special Perils. They are written in plain language and are devised to meet the needs of the target groups in question: They are written in plain language and are devised to meet the needs of the target groups in question:
a. Policy covering Dwellings for any Sum Insured.
b. Policy covering Micro Commercial entities having value at risk at any one location not exceeding Rs. 5 Crore.
c. Policy covering Small Commercial entities have value at risk not exceeding Rs. 50 crore across all insurable asset classes at any one location.
Participants are required to send their entries to Irdai by July 10.