In an exposure draft on Health Insurance Regulations 2016, Insurance Regulatory and Development Authority of India (IRDAI) stated that insurance companies can provide fitness and well discounts at the time of renewal of premiums.
IRDAI also said that insurance companies promote fitness amongst health insurance policyholders by offering health-specific services, such as outpatient consultations or treatments, pharmaceuticals or health check-ups. Further, the cost for these services would have to be adjusted in the price of the underlying health insurance product.
Also, IRDAI said that the premiums charged from senior citizens for health insurance products should be fair, transparent, justified, and duly disclosed upfront. He added that in case of any underwriting loading charged as filed and cleared over and above the premium, the insured has to be informed in writing. Before issuance of a policy, a specific consent for such loadings has to be obtained from the policyholder.
Establishment of a separate channel, to look after the health-insurance-related claims and grievances of senior citizens, has also been called for by the regulator.
IRDAI has also presented its norms regarding 'combi products', which would be a combination of a health insurance policy and a life insurance policy. The regulator has stated that both the partners offering the parts of the combi products should make prior and clear disclosures. There would also be a 'lead' insurer in these products.