Life insurance agents welcome IRDA’s decision
IRDA in its recent circular has stated that standalone health insurance companies can now sell health cover through life insurance agents.
“IRDA wants to encourage penetration of health insurance and spread the message of health insurance across the country through the new guideline”, states the IRDA release.
Previously these insurers could make use of the services of life insurance agents after converting them into composite agents after completion of IC 34 certification which was found cumbersome by some life insurance agents.
“It has been decided to waive the mandated IC 34 certification for life insurance agents desiring to distribute products of a standalone health insurance company,” says the IRDA release.
Now, the agents need to undergo an internal training program on health insurance, which shall cover the basics of health insurance, health insurance terminology, and products for a minimum period of 25 hours.
As of now, there are three standalone companies: Star Health and Allied Insurance Co Ltd, Apollo Munich Health Insurance and Max Bupa Health Insurance.
Cafemutual spoke to a few life insurance agents and found that this move has been received well. “We welcome the new IRDA guideline. We are happy to add another new product to our offering,” said Ashok Gupta, a Mumbai based life insurance distributor.
Rajesh Mehta, another Mumbai based life insurance distributor is looking to offer health cover now. “I am looking forward to offering health cover. I have been receiving queries regarding health cover offered by standalone health insurers but could not offer these covers earlier due to the complicated process,” said Rajesh.
Pradip Agarwal, a Kolkata based life insurance distributor believes this will help the standalone health insurance companies. “There is a demand for health insurance products in the market. So, IRDA’s new step will help the standalone health insurance companies to increase penetration,” said Pradip.