Title: To All CEOs of Non-Life & Health lnsurers
Reference No.: IRDA/INT/CIR/PSP/239/2017
Inclusion of Indemnity based Health Insurance Product through PoS – Genera
No. IRDA/INT/CIR/PSP/239/2017 25th Oct 2017
All CEOs of Non-Life & Health lnsurers
Re. Inclusion of Indemnity based Health Insurance Product through PoS – General Insurers and Standalone Health Insurers.
Your attention is drawn to the Guidelines No.IRDA/Int/GDL/ORD/183/10/2015 dated 26.10.2015 pertaining to Point of Sales Person (POS) and the subsequent Circulars giving the details of types of products that can be solicited by the POS.
The Authority has received requests from many insurers to allow indemnity based health insurance products to be sold through Point of Sale (POS). On examination of the request made, the Authority under the powers vested with it under clause V(1)(f), of the said guidelines, has decided to allow individual indemnity based health insurance products to be solicited through PoS channel with the following conditions:-
I)) The indemnity based health insurance products may be offered to only individual policyholders excluding groups and government scheme.
II) Rs.5 lacs per life/individual will be the maximum sum insured
III) Number of such products that can be filed as POS product is capped at 3 (three) per insurance company
IV) Since Health indemnity products follow a different process than health benefit products, which were hitherto included in the POS channel, the POS may be educated about the process involved in preferring claims, particularly the cashless claims who in turn shall educate the holder of indemnity based health insurance product.