edited by: Namit Singh Sengar
Last Update: February 28, 2023, 17:30 IST
The policy term of the product should be for one year and is renewable as per the regulatory framework. (Representational photo)
Irdai has been set up for the speedy and orderly development of the insurance industry
Regulator Irdai has asked general and standalone health insurers to offer a specific cover for persons with disabilities (PWDs), persons living with HIV/AIDS and people with mental illness.
The Insurance Regulatory and Development Authority of India (Irdai) in a circular asked insurers to determine the price of the product as per the IRDAI (Health Insurance) Regulations, 2016 (HIR, 2016).
Insurers have been directed to frame a Board approved underwriting policy which will ensure that no proposal to these categories of population is denied insurance cover.
The policy term of the product should be for one year and is renewable as per the regulatory framework.
General and standalone health insurers, who have been issued Certificate of Registration for carrying on general and/or health insurance business, have been asked to mandatorily launch and introduce their respective product immediately.
IRDAI has been set up with the objective of providing long term funding for the rapid and orderly development of the insurance industry (including annuity and superannuation payments) for the benefit of the common man and to accelerate the growth of the economy.
Recently Irdai chairman Debashish Panda said that India needs more number of insurance companies, wider range of products and more distribution partners to achieve the goal of insurance for all by 2047.
He said that the insurance sector was opened up two decades ago and the market has become huge, but there is still a lot of scope for faster and deeper growth.
In the last five years, this sector has grown by 10 per cent each year, yet insurance penetration is much less at 4.2 per cent in 2021 and we need to cover more, he said.
Meanwhile, a latest survey found Providing financial security for the family emerged as the top life goal for Indians post the pandemic, with 71% Indians prioritizing 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 are among the top life goals.
(With PTI inputs)
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