In about two months from now, you will have the option of buying an insurance product that combines a life insurance policy with one that covers a medical expenses.
With the Insurance Regulatory and Development Authority (IRDA) releasing guidelines for the “Health and Life Combi” products last week, the stage is set for a one-stop-shop arrangement with partnerships between life and non-life insurers.
Although several life insurance companies sell health insurance policies, these are mostly restricted to hospital cash variety where the insured is paid a lumpsum amount on contacting a disease.
Antony Jacob, CEO, Apollo DKV Health Insurance said, “We have already had preliminary discussions with five life insurance companies. In a week’s time, we hope to finalise the life insurance partner after which we will file the product with the IRDA.
“In about two months we will launch a Combi product. Depending on the distribution channel, needs of the customer, we may later add features such as OPD (outpatient department), hospital cash, maternity and dental benefits,” Jacob added.
T.S. Vijayan, chairman of state-owned Life Insurance Corp, which already offers health benefits under Unit-Linked Insurance Plans, said LIC was still evaluating new rules.
“We will take a view on whether we need to have a combi product,” he said.
{{/usCountry}}“We will take a view on whether we need to have a combi product,” he said.
{{/usCountry}}Kamesh Goyal, CEO of Bajaj Allianz Life Insurance, said his firm had two years ago launched a product offering life insurance along with hospitalisation reimbursement and was not considering a combination product because he believed healthcare cover were “not accepted” by life insurance buyers and did not yield the company the desired volumes.