Irdai diktat on health cover premiums

Irdai to allow monthly and quarterly payment of premiums for health covers.

You will soon be able to pay your health insurance premium in monthly and quarterly intervals. At present, buyers can pay health insurance premium only annually, although life insurance premium can be paid in monthly, quarterly and half-yearly instalments.

The Insurance Regulatory and Development Authority of India (Irdai) said health and general insurance companies will have to apply for approval of schemes that allow customers to pay premium in parts.

Private insurance companies have welcomed the move to allow part payment of health insurance premium. “Flexibility in payment of premium led to growth for categories like life insurance and will help significantly drive up penetration for the health insurance category as well,“ says Ashish Mehrotra, MD &CEO, Max Bupa.

Source: Economic Times

Date: 23rd May 2016

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