Insurance Cover for Real Estate Deals to Become a Reality Soon
Risks associated with property transactions in India could reduce with at least three insurers submitting details of the property title insurance products (flats, apartments, houses…) they wish to launch to insurance regulator Insurance Regulatory Development Authority, or Irda.
People familiar with the submissions said ICICI Lombard General Insurance Co. Ltd, National Insurance Co. Ltd, or NIC, and HDFC Standard Life Insurance Co. had filed details of their products with Irda as any company wishing to launch an insurance product here is required to. Executives at ICICI Lombard and Standard Life Insurance could NIC confirmed the submissions. Executives at HDFC not are reached for comment.
The spokespersons for two other insurers, Iffco Tokio General Insurance and Oriental Insurance Co. Ltd, said these two firms are also working on title insurance products.
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