Insurance regulator IRDAI is now considering allowing life insurance companies to sell health insurance. If this happens, competition will increase in the market, which will have a direct impact on your pocket. Because this is likely to reduce the premium.
Life insurance companies will now soon be able to offer health insurance as well. Mint has given this information quoting sources. This is likely to bring down the insurance premium and increase access to more people. Insurance regulator IRDAI has been considering this for the past several weeks.
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insurance companies are allowed to sell health insurance
If insurance companies are allowed to sell health insurance, they can sell both the insurances together. With the entry of life insurance companies in the field of health insurance, competition will increase and its direct benefit will be given to the customers. They will be able to get health plans at low premiums. At present, the annual premium for an average mediclaim policy of Rs 2 lakh for a healthy person aged 18-50 years is Rs 5,000-7000. If IRDAI approves this plan, then there can be a reduction of 5-10 percent in this premium.
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LIC will be benefit the most
If IRDAI allows this, then it will be of maximum benefit.LICAs will companies. It is possible that the shares of LIC may see a rise after this. LIC has the highest market share in the life insurance sector in India. In such a situation, she can give health to her old customers only by clubbing it with life insurance. At present, insurance companies sell only fixed benefit health plans. In which the claimant gets the amount which is sum insured of the amount deposited by him.
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Insurance status in India
According to the Economic Survey 2021-22, life insurance policies in India stood at 3.2 per cent in 2020. When the non-life insurance policy was only 1 per cent. It also includes health insurance, motor insurance and industrial insurance. This is much lower than the global average of 4.1 per cent. However, there has been a rise in the premium of health insurance. In 2022, its total premium had increased from Rs 58572 crore to Rs 73330 crore.
was banned in 2016
In 2016, IRDAI banned life insurance companies from selling health insurance. He cannot sell any health policy single or group. However, later a committee recommended allowing life insurance companies to sell health insurance as well. IRDAI is considering this recommendation.
