Irdai has been set up to bring about speedy and orderly growth of the insurance industry
Regulator Irdai has asked general and standalone health insurers to offer a specific cover for Persons with Disabilities (PWD), persons afflicted with HIV/AIDS, and those with mental illness.
In a circular, the Insurance Regulatory and Development Authority of India (Irdai) asked the insurers to determine the price of the product in line with the IRDAI (Health Insurance) Regulations, 2016 (HIR, 2016).
Read More: SBI enters social loan market; raises USD 1 bln from overseas markets
The insurers have been directed to put in place a Board-approved underwriting policy that ensures that no proposal from these categories of population is denied insurance cover.
The policy tenure of the product should be for one year and is renewable as per regulatory framework.
General and standalone health insurers, who have been issued a Certificate of Registration to transact General and/or Health Insurance Business, have been asked to mandatorily launch and offer their respective product immediately.
Irdai has been set up to bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long-term funds for accelerating growth of the economy.
Recently Irdai chairman Debasish Panda had said India needs more number of insurance players, much wider range of products and also more distribution partners to achieve the insurance for all goal by 2047.
The insurance sector was opened up more than two decades ago and the market has grown much bigger, but still there is too much scope for faster and deeper growth, he said.
In the past five years, the sector has grown 10 per cent each year, still insurance penetration is too low at 4.2 per cent in 2021 and we need to cover much more, he said.
Meanwhile, a latest survey found that poviding financial security for the family emerged as the top life goal for Indians post-pandemic with 71% Indians prioritising it over other goals.
Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 found that retirement planning, leading a balanced lifestyle, and providing for children’s education continue to feature among the top life goals.
(With PTI inputs)
