With banking inclusion reaching an inflexion point, it is now time to look at insurance-led financial inclusion in the country.
This was stated by the Finance Minister, Mr Pranab Mukherjee, at the platinum jubilee celebrations of United India Insurance Company here on Saturday.
The Finance Minister urged insurance companies to take concerted efforts to create insurance literacy and awareness. He also asked them to be customer-friendly and devise products that are easier to understand.
Specific products may have to be designed for women and workers in the unorganised sector, he added.
Mr Mukherjee asked insurance companies to streamline their grievance redressal mechanism.
On the occasion, Mr Mukherjee launched a critical care health insurance product of United India Insurance. The company's online portal was also launched by the Minister.