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IRDA Suggests Combi Products, To Be Accessible Through Single Source

Total health insurance premium is around INR60 billion

Insurance Regulatory and Development Authority (IRDA) of India has suggested for Combi products, a combination of life and health insurance schemes. It would soon be accessible through a single insurance agent and sold by either a nonlife or a life agent – reported in Economic Times.

The scheme is intended to enhance the access of health insurance in the country, by taking advantage of the huge distribution network built by the life insurance industry.

The total health insurance premium is around INR60 billion, while life insurance premium (including renewal premium) is over INR2,000 billion.

NL Mohan, Secretary General, General Insurance Council, said: ”The proposal was still at the concept stage. There has been a good pick-up in government-sponsored health insurance scheme in rural areas. We feel that penetration can be increased among the middle class as well.”