Insurers must put premium calculator on web sites

Staff Correspondent | Published: 23:39, Jan 21,2020

 
 

The Insurance Development and Regulatory Authority on Tuesday asked all insurance companies to put a link of a calculator on their web sites so that the clients could calculate premium of an insurance policy accurately.

IDRA, in a circular, asked chief executive directors of all the life and non-life insurance companies to set the ‘premium calculator’ link with effect from February 1.

The companies must inform the insurance regulator about compliance of the directive before February 1, it said.

The authorities took the initiative to popularise the insurance sector and to give clients an idea about premium and facilitate their purchase of insurance scheme directly, the circular said.

The life insurance companies must include in the calculator the options like name of an insurance policy, tenure, ways of payment and client’s age, it said.

Likewise, the non-life insurance companies will make arrangements with necessary information so that the intended clients and company-clients can calculate premium.

The IDRA said that it was working for automation and digitisation to develop insurance sector and to bring transparency and trustworthiness.

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