IRDA to Launch New Set of Regulations For Health Insurance Products

Insurance Regulatory and Development Authority of India is planning to implement more strict regulations to check the number of rising fraud cases by standardizing health insurance products. According to the regulator, health insurance sector is blooming at a fast rate and so are fraud activities.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*
  • 50,000 claims approved in last 15 months*
  • Schedule home visit with our advisors
  • Get a plan based on your medical needs

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Back
All health plans cover Covid-19 treatment
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “CONTINUE”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      What is your existing illness?

      Select all that apply

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step

      “We at IRDAI do believe that health insurance is picking up very fast, but so is the fraud,” the newly joined member (finance), IRDAI, Vijayalaxmi Iyer, told PTI.

      “We are coordinating with all the research bodies like laboratories, diagnostic centres and hospitals to establish standard norms for various services which are part of the health insurance segment,” she said.

      All related stakeholders are the part of the discussion and it has been put on the IRDAI website, she further added.

      “After completing the procedures, we will send them for the approval of the IRDAI board,” Iyer, who recently superannuated from Bank of India as chairperson, said.

      New regulations

      She said that for health insurance sector, IRDAI is expected to come up with a new set of regulations within the next few months.  

       “The idea is to bring about an orderly and sustainable growth in the industry.”

      In fiscal 2015, the health insurance industry has accumulated Rs. 20, 442 crore in premium business.  In the approaching regulations, the central theme of IRDAI will revolve around features of the product, disclosures in sales literature, better transparency, and disclosure of web portals to propagate suitable information for decision-making.

      Health Insurance Rules

      In its major changes in health insurance sector, IRDAI is planning to include incentives for healthy policyholders and a level-playing field for life and non-life insurers.

      These new draft rules in health insurance could require higher solvency requirements for the group health segment. Presently, the solvency ratio, which is required to be maintained by insurers at all times, is 150%.

      After the implementation of these new rules, healthy policyholders will get incentives like more attractive premium rates.  

      At present, there is no such linkage of pricing to the fitness levels of the policyholder. But, insurance companies already offer health and wellness-based incentives to individuals, including gym membership discounts, spa coupons etc., to hearten healthy behavior.

      In addition, according to the new proposed regulation, IRDAI has mandated health insurance claims processing agencies to reflect the negotiated discounts on the bills so that the policyholders are aware of the actual rates.

      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Monkeypox: Dos and Don’ts of the Disease That You Should Know

      15 Sep 2022

      Monkeypox has slowly and steadily spread to more than 85 countries...
      Read more
      Why is It Important to Disclose Pre-existing Diseases to Your Insurer?

      06 Sep 2022

      As we grow old, the chances of developing a disease or a medical...
      Read more
      Benefits of Multi-Year Health Insurance Plans

      25 Aug 2022

      Ever since COVID-19 entered our lives, health insurance has come...
      Read more
      Does Health Insurance Cover Monkeypox?

      25 Jul 2022

      Monkeypox is the latest disease to make its way to India while we...
      Read more
      List of Diseases Covered by Bajaj Allianz Health Insurance Plans

      05 Jul 2022

      Barely any person has remained unaffected due to rising health...
      Read more
      PMJAY Scheme: Ayushman Bharat Yojana Eligibility & Registration Online
      Prime Minister Shri Narendra Modi announced the launch of (PMJAY) Ayushman Bharat Yojana in his Independence...
      Read more
      Best Health Insurance Plans in India 2022
      Finding the best health insurance plan from so many different health insurance companies can get confusing for many...
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal...
      Read more
      Best Maternity Insurance Plans
      Maternity insurance offers comprehensive coverage for medical expenses incurred during pregnancy, including the cost...
      Read more
      Best Health Insurance Plans for Senior Citizens in 2022
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance...
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL