Insurance Regulatory and Development Authority of India (Irdai) in its draft norms on health insurance said that insurers can provide discounts on renewal premiums based on fitness and wellness criteria.
In an exposure draft on Health Insurance Regulations 2016, Irdai said that insurers should try and promote wellness amongst policyholders of health insurance by offering health-specific services offered by network providers, such as outpatient consultations or treatments, pharmaceuticals or health check-ups or discounts thereon at specified network providers.
The regulator added that the costs towards above services would have to be factored in the pricing of the underlying health insurance product.
Also, with respect to senior citizens, Irdai said the premium charged for health insurance products offered to them should be fair, justified, transparent and duly disclosed upfront. It added that the insured has to be informed in writing of any underwriting loading charged as filed and cleared over and above the premium. Specific consent of the policyholder for such loadings will have to be obtained before issuance of a policy.
The regulator has also called for establishing a separate channel to address the health-insurance-related claims and grievances of senior citizens.
Irdai has also detailed its norms for 'combi products', which would be a combination of a life insurance policy and a health insurance policy. The regulator has said that clear disclosures should be made on the two partners offering the products. There would be a 'lead' insurer in these products.