General Insurance: Rakesh Jain

Today, Reliance General Insurance's CEO, Rakesh Jain, answers your questions

Under the new health regulation norms, what are the downsides for a policyholder? Many benefits have been taken off from the maternity cover, and one is not even allowed to port plans within the same insurer.

The new health regulations have standardised key definitions and policy features across health products. These regulations will make the products simpler and help customers in better understanding, interpreting and also comparing the key benefits of products, so that one can choose wisely. The new regulations have defined the bare minimum coverage for different products and allowed the insurance companies to expand the base coverage by offering additional benefits. This will help the customer tailor products to their needs.

Are health policies from health insurers the best? Or under what circumstances can I consider buying a health plan from a life insurer, too?

The same set of health regulations govern both the non-life and standalone health companies. There is no specific advantage of products being offered by standalone health companies. However, in addition to product features, the insurer's service record, claims and servicing guarantees, strength and presence of strong cashless network and financial health are some important things to keep in mind before buying a policy.

The views expressed are the expert's own. Send your queries to yourmoney@bsmail.in