New Delhi: The Insurance Regulatory and Development Authority of India (IRDA) has asked people to suggest names for three insurance policies. The IRDA said that these names should be such that it can be known for which category the products with related names belong. IRDA has invited the naming of standard products focused on housing and small businesses in the ‘Standard fire-case and special disaster’ category.
Those offering proper names will be given cash prizes and citation of Rs 10 thousand each. IRDA said that the names should be such that the sponsorship of related products should be completely clear. The sponsorship of the related product is to provide insurance cover to residential units and small businesses in times of devastating events like floods. He said, “When suggesting names, keep in mind that they are relevant, simple, easy to remember and can be used across the country.”
The three insurance products for which IRDA has asked for name suggestions include housing insurance of up to any amount, insurance for micro business complexes located up to five crore in one place and up to rupees crores of rupees for small business complexes. Insurance is included. Participants have to send their entries to IRDA by 10 July. The regulator last week named the insurance product related to the treatment of Corona virus epidemic as ‘Corona Armor Policy’.
