According to a report in Mint, the Insurance Regulatory Development Authority of India (Irdai) may soon enable life insurance corporations to offer health insurance insurance policies. The transfer, if and when applied, is probably going to scale back premiums of insurance policies and increase entry to inexpensive health cowl.
According to the report, the inner committee of Irdai has been discussing the proposal for a few weeks now. The draft pointers to enable life insurers to promote indemnity health insurance merchandise will be launched in a while.
The numbers round life insurance penetration in India are lower 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, fireplace, and industrial insurance) is in a far worse place at 1 per cent. The international common is 4.1 per cent, reported Mint.