LIC is keen to re-enter the mediclaim segment as and when the regulator provides clarity on the issue, its chairman has said. “We are already doing a lot of long-term health protection and guaranteed health products. And we are evaluating the suggestion that the regulator IRDAI made recently,” Chairman M R Kumar told, when asked about the same during its earnings call over the weekend.
The chairman further said, “I don’t think it will be difficult for us as we already offer some of the health products.”
Mediclaim policies, which are indemnity-based health plans, are the bestselling health insurance products in the country. However, in 2016, the Insurance Regulatory and Development Authority of India (IRDAI) had asked life insurers to withdraw indemnity-based health plans from the market. Life insurers since then have been allowed to offer only fixed benefit health plans.