Insurance Day Asia
PUSH LONG-TERM POLICIES, RAO TELLS ASSURERS
Assurers in India should promote policies longer than three years, according to CS Rao, chairman of the Insurance Regulatory
& Development Authority, speaking at a CII insurance summit. Mr Rao’s line was backed by Gary Bennett, managing director and
CEO of Max New York Life. “A long-term product is a wealth-creating option and that’s what we have an expertise in”, he claimed.
Mr Rao said that a three-year lock-in could not be considered long term, and that assurers should be looking at products with
a 15-20 year term.