Irdai mulling long-term health insurance products: TS Vijayan
The Insurance Regulatory and Development Authority of India (Irdai) is planning to develop long-term health insurance products as part of its efforts to penetrate deeper into the health insurance segment. Currently, health insurance policies are renewed annually, or for two years in some cases.
?We are looking at long-term health insurance products to expand our reach. Such long-term health policies could carry a tenure of over 3-5 years. There is also a proposal to bring in long-term products for group insurance as well,? TS Vijayan, chairman, Irdai, said at the sidelines of an ICICI Lombard event marking the company?s milestone of 1 lakh policies in long-term two-wheeler insurance. ICICI Lombard is the first general insurance company to have launched long-term product for the two-wheeler industry.
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