IRDAI grants 2 new existence insurance coverage licences

The IRDAI has granted certificate of registration to 2 new entities to behavior existence insurance coverage industry within the nation.

The brand new insurers are Acko Existence Insurance coverage and Credit score Get entry to Existence Insurance coverage, the IRDAI says in a media observation.

With those two additions, the overall collection of existence insurers running in India is now 25. Sooner than this, the collection of existence insurers had remained stagnant since 2011, when the certificates of registration used to be ultimate granted to a existence insurer.

In November 2022, the IRDAI granted a licence to a brand new basic insurer. Which means that within the fiscal yr ended 31 March 2023, the Indian insurance coverage marketplace noticed the access of 3 new insurers.

Any other 20 packages for an insurance coverage licence are within the pipeline at more than a few phases of registration within the existence, basic and reinsurance segments, says the IRDAI.