Irdai wants life insurance firms to eye 50% premium growth in 5 years

Irdai extended the "use & file" procedure to most life insurance products, barring individual savings, individual pensions, and annuity products

In a first-of-its-kind advisory, the Insurance Regulatory and Development Authority of India (Irdai) has proposed premium growth targets over a five-year period for life insurance companies, in a bid to double insurance penetration in the country.

In e-mail communications to the MDs and CEOs of life insurance companies, the insurance regulator has suggested a gross written premium (GWP) growth target for each insurer.

“Irdai has given each life insurer indicative targets in terms of total GWP for the next five years,” said Rushabh Gandhi, deputy CEO, IndiaFirst Life Insurance, told Business Standard. “It has also offered to discuss any regulatory support that