The Insurance Regulatory and Development Authority (IRDAI) committee is likely to propose allowing life insurers to sell health insurance. The committee is likely to seek a nod for the distribution and manufacture of health insurance.
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The committee has cited improved penetration, and global practice to support the move, sources told CNBC-TV18.
Presently, life insurers sell only fixed benefit health plans and not indemnity products. As per IRDAI, 75 percent of people pay for medical expenses from their pockets.
#CNBCTV18Exclusive | IRDAI committee to propose allowing life insurers to sell health insurance, sources tell @YashJain88
— CNBC-TV18 (@CNBCTV18Live) May 24, 2022
Alert: Life insurers presently sell only fixed benefit health plans, not indemnity pdts pic.twitter.com/imq3UgPRqM
FY22 health insurance premium was at Rs 73,578 crore, i.e., 33 percent of the total industry premium.