Decoding Insurance

How health insurance rewards you for staying fit!

Wellness benefits or preventive healthcare highlights the concept of “prevention is better than cure”. In today’s fast-paced world, where lifestyle diseases are at an all-time high, it is important for people to understand the importance of staying fit and healthy. Promoting healthy lifestyles and implementing measures to stop people from falling ill remain the fundamental principle behind introducing wellness plans. 

As per a circular issued under the preventive and wellness feature of health insurance by the Insurance Regulatory and Development Authority of India (IRDAI), it is mandatory for all general as well as specialized health insurers to offer incentives to customers eligible for the reward points. To avail of the incentives and rewards, it is mandatory for the customers to rightly fit into the wellness program/scheme of the insurer. Many insurers today reward their customers for inculcating healthy habits and doing physical exercises such as running, cycling, exercising, or following a healthy diet. The customers can use these reward points at the time of policy renewal to get attractive discounts on their premiums. These points can in turn also be used for discounts on pharmacy bills, diagnostic expenses, outpatient consultations, etc. Insurers also permit customers to club their reward points for participating in fitness events like marathons, yoga camps, etc.

 The primary objective behind implementing the wellness initiative is to improve and promote healthy living amongst the masses. The drive aims at shifting the focus of people from curative care to preventive healthcare. The core objective of wellness benefits is to form a safety net that protects people from major events of life – Death, Disease, and Disability. Wellness benefits not just help customers stay fit but even help insurers maintain good financial health. After all - fitter customers mean lesser claims.

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