INDIA REGULATOR EYEING VILLAGES TO BE INSURANCE MODELS.

The financial regulator in india is looking at the concept of offering comprehensive insurance protection for all major insurable risks that villagers are exposed to and make covers available and affordable or even subsidized cost.

At a time when the covid-19 pandemic is raging across india, the insurance regulatory and development authority of india (IRDAI) has come out with the concept of model insurance villages to cover the entire population in those areas with the financial support from various institutions like Nabard and CSR funds. The concept maybe implemented in a minimum of 500 villages in different districts of the country in the first year and increase it to 1000 villages in the next two years.

According to the IRDAI, the village model concept Is aimed at demonstrating the concept and efficacy of insurance as a risk management tool and to make farmers and rural population aware of the benefits of insurance.

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