Your insurance company may soon offer a product on trial to see if it works in the market. With the insurance regulator allowing general insurers and health insurers to bring out pilot products, companies are readying products for a soft launch.
In July 2016, Insurance Regulatory and Development Authority of India (IRDAI) notified a set of revised health insurance regulations. This brought a change to several of the existing rules around health insurance sales, pricing and product structure, including sale of products.
In the insurance journal brought out by IRDAI on health insurance, Chairman TS Vijayan said that general insurers or health insurers are permitted to offer pilot products to give scope for innovation.
