According to a report in Mint, the Insurance Regulatory Development Authority of India (Irdai) may soon allow life insurance companies to offer health insurance policies. The move, if and when implemented, is likely to reduce premiums of policies and boost access to affordable health cover.
According to the report, the internal committee of Irdai has been discussing the proposal for a few weeks now. The draft guidelines to allow life insurers to sell indemnity health insurance products will be released in some time.
The numbers around life insurance penetration in India are less than encouraging. Economic Survey 2021-22 revealed that life insurance penetration in India was at 3.2 per cent in 2020, rising from 2.82 per cent in 2019. The penetration of non-life insurance (health, motor, fire, and industrial insurance) is in a far worse position at 1 per cent. The global average is 4.1 per cent, reported Mint.
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