On April 13, 2022, Insurance Regulatory and Development Authority of India (Irdai) issued a public interest warning against buying health insurance policies from an unauthorized, unregistered website, even.in. The entity name is “Even Healthcare Pvt Ltd”.
The regulator further clarified that the policies offered by Even Health are not health insurance plans, and the said entity is not registered with IRDA.
The public notice issued by IRDA vide circular read, “It has come to the notice of IRDA that an entity named ‘Even Healthcare Pvt Ltd’ having its Corporate Office No. 311,6th Main Road, HAL 2nd Stage, Indira Nagar. , Bengaluru, Karnataka – 560038, and a website www.even.in, offering health plans. This is to inform the public that the plans offered by Even Health are not health insurance plans, and the said entity is not a registered entity with IRDA. People subscribing to these schemes of ‘Even Healthcare Pvt Ltd’ are advised to note that they are acting at their own risk.”
“It is clarified that only IRDA-registered insurance companies or their appointed insurance agents and insurance intermediaries can sell insurance products. The public is advised to exercise caution while dealing with unregulated entities and avail health insurance products and services from IRDA registered insurance companies.”
The regulator said the list of insurance companies registered with IRDA can be seen at https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo264&mid=3.2.10.
The regulator issues notices in the public interest warning the public from time to time not to buy health and life insurance policies from “fake” or “unregistered” websites. Further, to protect the interest of consumers against fake calls and fraudulent offers, IRDA has also asked life insurers to prominently display public notices on their websites. On the other hand, TV commercials require the message to last for at least 5 seconds.