At the time of farewell, it becomes necessary to look back once. 2022 is about to go, in such a situation, if we look at the changes in the insurance sector directly related to the common man, many changes have benefited. On the other hand, many have done the work of bringing radical changes in the entire sector. The Insurance Regulatory and Development Authority of India (IRDAI) changed several rules to increase the 'Ease of Business Doing' in the insurance sector. Especially the form of life insurance and health insurance has become very widespread. By the way, since the beginning of Corona in 2020, IRDA has started paying special attention to the health insurance sector.
LIC reached the stock market
The biggest event in the insurance sector this year was the listing of the Life Insurance Corporation of India ie LIC in the stock market. The government listed this largest company in the insurance sector in the stock market by bringing an IPO of Rs 21,000 crore. In this IPO, a 10 per cent stake was kept for the policyholders of the company.
Health insurance came for OPD
The year 2022 will also be remembered for a major change in the health insurance sector. This year most of the insurance companies launched health insurance policies offering OPD coverage. In this, apart from hospitalization, insurance coverage was also given on doctor's consultations and medicine bills.
At the same time, 2022 was also good for the health insurance sector. At the beginning of the year, insurance companies were worried about increasing hospitalizations due to the Omicron variant. But this did not happen, whereas, after Covid, when the number of people taking health insurance increased, the premium of insurance companies also increased due to this.
Returned endowment policy
In recent years, the focus of insurance companies has been on selling term insurance plans and unit-linked plans. This year RBI started increasing the repo rate in May. In such a situation, insurance companies launched the traditional endowment policy in a new form to give the benefit of increased interest rates to the customers.
Kamlesh Rao, MD and CEO of Aditya Birla Sunlife Insurance, says that due to increased interest rates, the margins of insurance companies have improved, so they have started promoting these traditional policies.
Motor vehicle insurance made attractively
This year, IRDA allowed insurance companies to offer unique riders to customers on their motor vehicle insurance. Pay as much of the premium of insurance as you use (Pay as you Use) or as much as your driving (Pay as you Drive) like riders brought by the company. There the motor floater policy also came.
