Insurers rush to get nod for benefit-based health policies

Life insurance companies are filing new benefit-based health insurance plans with the regulator as they have been barred from selling indemnity plans. The Insurance Regulatory and Development Authority of India (Irdai) has given time till October 18 for these products to be withdrawn from the market.

This means there will be an immediate dearth of such products in the market. Indemnity plans constitute 90-95 per cent of the health portfolio of life insurers and refer to those policies where customers can claim a reimbursement after visiting a doctor or incurring medical expenses.

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