The insurance sector will also have a CIBIL-like system! Your premium will be decided on this basis, the process has started.

Now not only the banking sector, but the insurance sector is also preparing to connect with the credit score. The General Insurance Council of India has started the process of connecting the insurance sector with a scoring system like CIBIL.

Now not only the banking sector, but the insurance sector is also preparing to connect with the credit score. The General Insurance Council of India has started the process of connecting the insurance sector with a scoring system like CIBIL. That is, now the insurance sector will also have a score like CIBIL, on the basis of which your insurance premium will be decided.

It is clear that if you have ever committed fraud in insurance, then it may be difficult to get the next policy or you may have to pay a higher premium. Also, your CIBIL score can also be spoiled, due to which taking a loan in future can also prove to be expensive. Starting a system like CIBIL in the insurance sector can bring great transparency.

This demand was there for a long time

In the banking sector, CIBIL score is used to find out how much capacity a person has to repay the loan if he takes it. Similarly, insurance companies also want a system that will tell who are the people who are repeatedly making fake insurance claims. So that not only their fake claims are caught but they are also punished by increasing their premium.

Benefit to honest customers: Those who make correct claims will get the insurance amount soon.

Ban on fake claims: Those who repeatedly make wrong claims can be monitored.

Expansion of insurance industry: With more transparency, people's trust will increase and they will buy more insurance.

Premium rates will remain stable: When the number of fake claims will be less, insurance companies will not suffer much loss and the premium will also be saved from increasing.

Why is insurance necessary?

Insurance is not just a financial product, but it is a strong means of personal and social security.

Financial security: The burden of medical expenses is reduced and the family's savings remain safe.

Better health services: People can get timely treatment by having insurance.

Improved quality of life: When the family does not have to worry about medical expenses, their quality of life improves.

Strengthening the country's economy: Increasing insurance coverage leads to an increase in GDP.

Social stability: Insurance protects people from sudden financial problems.

What can happen next?

If a system like CIBIL is implemented in the insurance sector, it will not only stop fake claims but will also benefit the right customers. This will make the insurance industry more transparent and provide stability to India's economy. Right claims will be paid quickly, due to which people will make insurance an essential part of their financial planning.