IRDAI

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• IRDAI to enhance scrutiny of health & savings plans aimed at individuals over 55 to curb misselling

  The insurance regulator is looking to tighten scrutiny and enhance transparency to prevent misselling of complex insurance products targeting individuals over 55. Measures include mandatory video verification, audits, and the use of assessment criteria and templates for policy documents. In December 2023, financial services secretary Vivek Joshi held a meeting with chiefs of state-run banks over issues related to bancassurance, including its effectiveness in increasing insurance penetration and challenges in the form of misselling.

  

• Irdai looks to double policy trial to 1 month

  Insurance regulator Irdai has recommended increasing the 'free-look' time for plans from 15 days to a month. According to an insurance broker, a free-look period allows policyholders to review their insurance policies after purchase and cancel them within a certain time limit without incurring penalties. For insurers, Irdai has proposed to discontinue the need for filing advertisements with the authority.

  

• Govt to talk with IRDA for review of 24-hour hospitalisation rule for mediclaim

  The government has said that it will take up the matter with IRDAI to reevaluate the 24-hour hospitalization requirement for mediclaim policies. In response to concerns raised by the National Consumer Commission chief, Justice Amreshwar Prasap Sahi, the Consumer Affairs Ministry said that it aims to address the evolving nature of medical procedures.

  

• Govt mulls regulator for healthcare sector to facilitate insurance for all

  According to a recent report by the National Insurance Agency, over 400 million individuals, or about a third of the population, lack health insurance due to lower penetration, coverage inadequacy and rising healthcare costs.

  

• Technology and Health Insurance Claims: How Digital Tools Are Streamlining Settlements

  It comes as no wonder that in recent times, the intersection of technology and health insurance claims has witnessed a remarkable transformation. The experience that customers get at the time of claims is what they’ll remember the most, and therefore, digitisation is rapidly amping up claims assistance to create a seamless experience. Traditionally, the days of tedious paperwork, time-consuming processes and broken customer experience plagued the health insurance industry. With the advent of digital tools, insurers and policyholders alike are experiencing a significant shift towards streamlined, efficient, and transparent claim settlements.

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• Narayana Health insurance is a patient-centric model: Viren Shetty

  Narayana Health insurance packages will fall roughly into three brackets. The entry-level, mid-level, and comprehensive-level packages. The entry-level is the standard package it will be extremely cost-competitive. The next one is a middle range that will focus on preventative care. It is being designed around families. The third one is a comprehensive package. This is designed for people who either know they are sick with an underlying condition, or aged, or have been rejected from other insurance plans.

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• Working on with health insurers to ensure 100 pc cashless claim settlement soon: IRDAI

  Currently cashless claim process is tiresome and insurers deduct 10 per cent or more from the total billing in the name of consumables and other heads. Also, most hospitals don't allow cashless admissions even though the insurance product offers such a facility, citing one or other excuses.

  

• NHRC wants Irdai to ensure insurers offer hassle-free health products to the disabled

  Disability advocacy groups have long been pushing for comprehensive health coverage for the disabled. Following the December 2022 guidelines issued by the Delhi High Court, Irdai, in February 2023, mandated insurers to offer annual health coverage to disabled, HIV-positive, and mentally disabled people.

  

• Irdai on a transformational journey to take insurance to masses

  Under new chairman Debasish Panda, the regulator is engaging with the industry more than ever and looking to get the sector charged up.

  

• Bupa looks to raise stake in health joint venture

  Bupa is likely to pick up as much as 15-20% stake from True North, at a valuation of ₹11,000-12,000 crore, the sources said. Bupa currently holds a 44.42% stake in the health insurer. Indian insurance sector regulations permit foreign investors to hold up to 74% stake in an insurance company.

  

• Narayana health plans foray into insurance

  Narayana Health is in discussions with insurance regulator, the IRDAI, to offer health insurance as a bundled package with comprehensive care. The insurance business will be targeting the "missing middle," India's 40% of people who are left out of government schemes and cannot afford health care. Narayana has incorporated a subsidiary called Narayana Health Integrated Care for the new venture.