New Delhi, July 14 -- The Insurance Regulatory and Development Authority of India (IRDAI) has embraced a laudable and ambitious goal of spreading the canopy of insurance cover over every insurable head, including risks to property. Its Insure India programme rightly lays emphasis on the insurance industry's three pillars: customers, providers and distributors. The processes it outlines aim to deliver the right products to the right customers, while enabling regulatory redesign, promoting innovation and ensuring a robust grievance redressal mechanism.

The sector's regulator aims to achieve its objective of complete coverage by 2047 through the insurance trinity of Bima Sugam, Vistar and Vahak.

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