The “use and file” procedure allows an insurer to launch a product without prior approval of the regulator. A combi products offers benefits of a life insurance, along with that of general or other insurance covers.
ICICI Lombard General Insurance and ICICI Prudential Life Insurance have jointly launched a combi product, ‘iShield’, which will provide customers with both health and life insurance under the “use and file” procedure.
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The “use and file” procedure allows an insurer to launch a product without prior approval of the regulator. A combi products offers benefits of a life insurance, along with that of general or other insurance covers.
Insurance regulator Irdai in a circular on June 20 extended the procedure to combi products, wherein life insurer acts as the lead.
Based on the feedback from the industry and to facilitate the insurance industry to promote insurance penetration, the regulator has decided to expand the scope of the procedure to group and unit-linked insurance products, which are offered with new funds and combi products.
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‘iShield’ will enable customers to take care of expenses required for medical treatments. Besides, it will also provide a lumpsum amount to the family in case of the unfortunate demise of the policyholder, according to a release issued on Wednesday.
ICICI Lombard executive director Sanjeev Mantri said, “iShield is a one-of-its-kind offering that is synergistic in capabilities and shares the brand values of ICICI Prudential Life Insurance and ICICI Lombard.”
Amit Palta, chief distribution officer of ICICI Prudential Life Insurance, said the newly-launched product is an innovative proposition, which addresses the two topmost insurance needs of customers-health and life.
“This comprehensive proposition will enable customers to ensure the family’s financial savings are not depleted due to medical treatment or an untimely demise of the breadwinner. Our approach to product development centres on addressing the stated and latent needs of customers,” Palta added.
