(a) whether the Government have formulated any scheme to create awareness about insurance in rural areas;
(b) if so, the details thereof; and
(c) the time by which the said scheme is likely to be implemented?
(a) whether the Government have formulated any scheme to create awareness about insurance in rural areas;
(b) if so, the details thereof; and
(c) the time by which the said scheme is likely to be implemented?
MINISTER OF FINANCE AND COMPANY AFFAIRS (SHRI JASWANT SINGH)
(a) to (c): No, Sir. A scheme specifically for awareness purposes has not been formulated.
However, the Insurance Regulatory and Development Authority (Obligations of Insurers to
Rural or Social Sector) Regulations, 2000, prescribe minimum obligations on every insurance
company for undertaking business in rural areas. The Social Security Scheme implemented
through the nationalized insurance companies target the weaker sections of population mainly
in rural areas. The rural business of Life Insurance Corporation of India has also
consistently increased during the past years. Due to the promotional activities of various
public and private sector insurance companies, there is however, greater awareness about
insurance in rural areas.