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Mumbai: The General Insurance Council (GIC), the self-regulatory body of general insurers in the country, has completed fine-tuning of portable health insurance products. The sum insured for the portable health insurance products will be limited to Rs 1 lakh and the age eligibility will be fixed between 18 and 60 years.
GIC, which met on Friday, approved the plan of the portable insurance products to be sent to Insurance Regulatory & Development Authority (IRDA) for its approval. The council was likely to apply to IRDA within a day or two, said SL Mohan, secretary general, GIC. The IRDA chairman, J Harinarayan, had earlier told FE that the regulator was very much in favour of introducing the much awaited health insurance product and the regulator was awaiting the communication from GIC in this regard.
The insurers feel that it may take 12-18 months when the much awaited product hits the market. Head of one of the leading general insurance companies told FE on condition of anonymity that it normally would take 12-18 months before any standard product was launched for study.
Some other issues that were discussed during the meeting include co-insurance agreements, which deal with issues like how to share premiums and claim and how to address the issue of information flow in case of co-insurance. On the development and design of products relaxation, the official said, “We will study customers’ requirements before bringing the product to the market within 1-2 years from now.”
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