IRDAI greenlights Paytm Insurance withdrawal

It will focus on the health, life, motor, shop and gadgets segment.

The Insurance Regulatory and Development Authority of India (IRDAI) accepted Paytm General Insurance’s withdrawal request last 12 June.

The company said this decision align with their strategy to focus on insurance distribution in the health, life, motor, shop and gadgets segment.

These products and services will solely be processed through its wholly-owned subsidiary, Paytm Insurance Broking Private.

“We aim to innovate on small ticket insurance products for consumers and merchants alike, by focusing on small-ticket general insurance offerings along with our partners and leverage the strength of Paytm’s distribution to increase insurance penetration to a wider audience. “ it said in a disclosure.