Irdai to start colour coding of individual health plans based on complexity

The regulator has sought comments from all stakeholders on the matter by October 15

In order to further simplify the buying of health insurance by retail consumers and to help them make informed decisions, the Insurance Regulatory and Development Authority (Irdai) is set to introduce a colour coding system for all individual health products that will enable the customers to gauge the complexity of the product.

In a draft released on Monday, the insurance regulator said, every health insurance product offered by general and health insurance companies shall carry a colour code, which will indicate the level and extent of the complexity of the product.

The insurance companies will use “green, orange, and red”