Insurance companies will sell standard home insurance policy from April 1, know what is its specialty

On the first day of the new year, all life insurance companies have introduced a standard term policy. Its name is simple life insurance.

New Delhi: Insurance regulator IRDA has asked insurance companies to sell standard home insurance policies from April 1. Insurance companies essentially have to offer it. Along with this, IRDA has also asked all insurance companies to bring a standard travel policy from April 1, 2021.

The special thing about these policies will be that different companies will launch them, but language and other things will be exactly the same.

Let us know that on the first day of the new year, all life insurance companies have started a standard term policy. Its name is simple life insurance. This step has also been taken on the instructions of IRDA.

What has IRDA said ?

• IRDA has asked general insurance companies to launch three standard products covering the risk of fire and allied hazards.
• Irda said that three standard products will be launched under the Standard Fire and Special Perils (SFSP) policy.
• These include India Home Defense, India Micro-Industry Security and India Small-Industry Security.

What are these three policies?

• Bharat Home Defense is related to protection of houses and homes.
• India is associated with micro enterprise security ventures. The total value of the risk in this will be up to five crore rupees.
• India will be for small enterprise security ventures. The total value of risk will be more than Rs 5 crore and up to Rs 50 crore.
• India home defense policy will cover the risk of fire, natural disaster, riot, strike, loss with wrong intention, terrorist action.
• The India Micro Enterprise Security and India Small Enterprise Security Policy are useful for the economic loss of Micro, Small and Medium Enterprises (MSME).

Also Read: Important News: 10 things to know about simple life insurance