Insurance products mulled in vernaculars

Mumbai: The Insurance Regulatory and Development Authority (Irda) on Tuesday said it is mulling developing insurance products in vernaculars.

���It is a suggestion. Languages of the products and mechanics of the whole thing evolve through a process of interaction between the regulatory body, counsel and individual companies,��� Irda chairman J Hari Narayan told reporters here at the CII Health Insurance Summit.

At present, insurance products are sold in English. He said 70-75% of the claims are settled in the year they have been filed. If the policyholder is not getting good service from insurance companies, he can approach the ombudsmen in different parts of the country and seek redress, he said. There are 12 ombudsmen in the country.

On the fund for victims of terror attacks he said, ���So far no claims have been filed. I expect certain claims would be (made). And we will know whether the current pool is sufficient or not only after those claims are filed,��� he said.