IRDAI plans long-term health insurance policy
Right now, we are looking at varying claim experience, which is important for bringing out such an insurance, Vijayan said
By : DC Correspondent
Update: 2015-10-08 01:25 GMT
Hyderabad: The insurance regulator is working out modalities for the introduction of long-term health insurance, said its chairman T.S. Vijayan. After the introduction of long-term insurance for two-wheelers for the first time earlier this year, he said that IRDAI has constituted a committee to firm up specifications for a long-term policy in the health insurance as well.
“Right now, we are looking at varying claim experience, which is important for bringing out such an insurance,” Mr Vijayan said without divulging the timeline. The long-term insurance policy allows the policy holder to make one-time upfront payment for the desired duration instead of paying yearly premiums.
He was talking at an event organised by ICICI Lombard to announce the issuance of 1,00,000 long-term two-wheeler insurance policies this year.