Need for demand-based insurance schemes has grown post the coronavirus pandemic, with more than 15 lakh people already being covered under the recently launched specialised COVID-19 policies, Irdai Chairman Subhash C Khuntia said.

“We must understand that in difficult times, insurance companies have to come to the rescue of the policyholders. It is the changing needs of the customers that we need to assess carefully, and we have to cater to that. I am happy that all of you have collaborated in bringing out these products and we have allowed the pricing (freedom) to the insurance companies.

“More than 15 lakh lives have already being covered under these two products within a period of about a month and that shows what is the demand of the customers,” he said.

Need for demand-based insurance schemes has grown post the coronavirus pandemic, with more than 15 lakh people already being covered under the recently launched specialised COVID-19 policies, Irdai Chairman Subhash C Khuntia said.

“We must understand that in difficult times, insurance companies have to come to the rescue of the policyholders. It is the changing needs of the customers that we need to assess carefully, and we have to cater to that. I am happy that all of you have collaborated in bringing out these products and we have allowed the pricing (freedom) to the insurance companies.

“More than 15 lakh lives have already being covered under these two products within a period of about a month and that shows what is the demand of the customers,” he said.