Govt is committed for further reforms in sectors such as banking, mining, insurance among others said FM Sitharaman.
At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation.
Insurers will not be allowed to promote products or services of any particular third party service provider.
Riders will be insured for up to Rs 5 lakh in case of accidental death or disability and up to Rs 2 lakh for hospitalisation.
Premium table can be extended, list of day care procedures can be expanded and critical Illnesses covered can be added.
According to Fitch Ratings more international companies are likely to enter the fast-expanding Indian market.
The bank said it will offer various kinds of banking services and farm-related products on its e-commerce platform.
During 2018-19, Max Life recorded gross written premium of Rs 14,575 crore.
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