Wellness And Preventive Features In Health Insurance: IRDAI Guidelines

Background

The increasing awareness and growing popularity of health, fitness and wellness focussed lifestyles has led to a significant uptake in the Indian health insurance market in recent past. In early 2016, the IRDAI acknowledged such consumer needs and introduced norms on developing health insurance products which would also include wellness and preventive benefits.

With the progression of the sector and an increase of health insurance products offering incentives to policyholders to adopt a healthier lifestyle (by way of discounts on successive premiums and redeemable vouchers), the time appeared suitable for updation of the regulatory norms guiding such benefits, in order to permit General and Health Insurers to develop products which match some of the health insurance offerings available overseas and allow policyholders to further benefit from fitness efforts and other health centric decisions.