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.