Common service centre-special purpose vehicle (CSC-SPV) will now help customers purchase their travel and home insurance. The idea is to bring the private and government insurance products at an easy reach to the customers.
As per the Insurance Regulatory Development Authority of India (IRDAI) circular, this platform can be used to solicit and market other products. These include government-regulated crop insurance like Pradhan Mantri Fasal Bima Yojana (PMFBY) and Coconut Palm Insurance Scheme. Without putting any limit on the sum assured, the platform will also provide insurance schemes like Pradhan Mantri Jeevan Suraksha Bima Yojana (PMJSBY).
Personal accident insurance and livestock insurance were already solicited through this platform earlier. Whereas, for life insurance developed for CSC-SPV model there has been a specification introduced. It has been stated that except for motor insurance, there will be no sum assured that exceeds ₹ 2 lakhs.
As per the IRDAI, the inclusion of such products was done after requests by insurers to expand the product list. However, the companies need to keep in mind that the word CSC needs to be prefixed to all the products sold through this platform.