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eServe Newsletter November 2015
To meet the rising demand for health cover, IRDA (The Insurance Regulatory and Development Authority of India) is considering a long-term health insurance policy. As an effect of this policyholders can opt for two or three-year policies instead of the existing one-year policy with one-time payment for the desired duration instead of annual payments every year.
The long-term health insurance policy would be an impressive decision in the insurance industry, similar to the long-term policy that was introduced for two wheelers earlier this year.
Mr. T. S. Vijayan, Chairman of IRDA, said that a committee has been set up to look into the proposal for extension and address aspects such as health savings accounts, claim settlement processes, etc. He was specking at an event organized by ICICI Lombard to announce the issuance of 1,00,000 long-term two wheeler policies in 2015. These numbers indicate wide scope in the insurance sector for a country where the total insurance penetration is less than 4% of the GDP. Insurance digitization is also one of the major reason which has helped to reduce the distribution costs of insurance products and initiate faster claims settlement.
ICICI Lombard was the first to launch the long-term two wheeler policy in India. Mr. Bhargav Dasgupta, MD and CEO of ICICI Lombard, said that 40% of the online two wheeler insurance policies bought this year were long-term policies.
Learn more about ICICI Lombard.