Asia e-Alert - India: Recent product reforms could increase life insurance penetration in the country

With a new chairman assuming office in March 2022, the Insurance and Regulatory Development Authority of India (IRDAI) has initiated regulatory reforms designed to boost the sector. This e-Alert summarises some of the key reforms undertaken and discusses their possible impact on the life insurance sector. Our discussion includes topics such as: 

• Product approvals, including categories, product modifications, and the shifting compliance burden from IRDAI to the industry 
• Changes to Pradhan Mantri Jeevan Jyoti Beema Yojna (PMJJBY), the government’s flagship life microinsurance product
• Other recent initiatives