by admin | May 25, 2021 | Business, Corporate, Corporate finance, Economy, Finance, Markets, News, SMEs
New Delhi : Insurance regulator IRDAI on Tuesday issued draft guidelines for standard health product by all insurers including general and health insurance businesses.
According to the draft issued on the IRDAI website, the minimum basic sum insured under standard product has been proposed to be set at Rs 50,000, whereas the maximum limit shall be Rs 10 lakh.
“Standard product shall be offered on indemnity basis, as a standalone product. It shall not be combined with Critical Illness Covers or Benefit Based covers,” the draft guidelines said.
The regulator invited all stakeholders to offer their suggestions, on the proposed guidelines by March 6.
—IANS
by admin | May 25, 2021 | Business, Corporate, Corporate finance, Investing, Large Enterprise, Retirement Plans
New Delhi : With health insurance remaining underpenetrated but considered expensive by the consumers, there is still significant opportunity to expand distribution and reduce cost of acquisition and services, a Ficci report said on Monday.
The report, prepared by Ficci and EY, ‘Distribution 2.0-Improving Distribution in Health Insurance’ was released by Insurance Regulatory and Development Authority of India (IRDAI) Chairman T.S.Vijayan at Ficci’s 10th Annual Health Insurance Conference here.
“There is a need to increase consumer faith in the industry, and a perception of the value of the product. This will require a concerted effort by all the stakeholders – from the regulator, the insurers, distributors, health care providers, third-party administrators (TPA) and even pharmacies,” said Girish Rao, Co-Chair, FICCI Health Insurance Committee and Chairman & Managing Director, Vidal Healthcare Services, as per a Ficci statement.
According to Sandeep Patel, Co-Chair, FICCI Health Insurance Committee and CEO and Managing Director, Cigna TTK Health Insurance, the health insurance industry has been leveraging the new channels to expand outreach and reduce the cost of selling.
“However the acceptance of health insurance remains low. The need of the hour is to address the underlying reasons which drive purchasing behavior,” he added.
According to the officials, the Ficci-EY study tries to identify the key drivers of health insurance that the issues that hinder its spread and also pave the way for stake holders, policy makers and regulators to take initiatives to grow the business.
—IANS
