Health insurance firms to offer longer-term products, combo plans

Life insurers have been permitted to offer ‘health plus life combo’ products that come with a combination of life insurance cover offered by life insurers and health cover offered by general or health insurers. At a time when complaints of mis-selling are on the rise, a facility of free-look period is now available to customers with respect to new individual health insurance policies except those with a tenure of less than one year.

“The insured will be allowed a period of at least 15 days from the date of receipt of the policy to review the terms and conditions of the policy and return the same if not acceptable,” the Insurance Regulatory and Development Authority of India (IRDAI) said in its newly-notified Health Insurance Regulations 2016. The portability of policies or migrations to suitable alternatives also need to be offered to customers.

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