Subhash Khuntia, chairman of the Insurance Regulatory and Development Authority (IRDA), has asked insurance companies to introduce insurance products for micro, small and medium enterprises (MSMEs). He said companies in alliance with MSMEs could provide affordable insurance policies for it. “I would urge insurance companies to make their products disease-centric and productive,” Khuntia told a health insurance conference at the Indian Department of Industry (CII).
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Khuntia said that if an organization pays its employees Rs 10,000 a month, it means it spends Rs 1.20 lakh per year. In such a situation, he will be able to spend more than five thousand rupees per employee on a health insurance policy of five lakh rupees. According to the IRDA, companies can easily afford workers ’premiums. Khuntia said it could be a big step to bring MSME workers under health insurance and Corona and Lockdown explained its importance to us.
Concentrated on diseases like diabetes, kidney problems
Khuntia asked health insurance companies to bring products focusing on diseases such as diabetes and kidney problems. The IRDA chairman said health insurance companies should bring new products according to people’s needs. “I would urge insurance companies to make their products disease-centric,” Khuntia said. Individual products can be made for diseases such as diabetes, heart or kidney.
Khuntia added that a large number of people between the ages of 40 and 50 are taking out health insurance. He said that if a large number of young people take out health insurance and since most of them are not likely to get sick, they will be able to contribute to the health insurance fund. It will benefit other people.
Provide OPD-annual health check-up cover
The IRDA chairman said insurance companies should increase the coverage of insurance for OPD and annual health check-ups. He said insurance companies under disease-centric products could add specialist doctors to make policyholders aware of the cure for various diseases. . He also asked the policy makers to focus on providing disease prevention facilities.
Increase access to small towns
The IRDA chairman also advised insurance companies to increase insurance penetration in second and third tier cities. He said insurance companies should try to attract the younger population. He suggested including such tests or treatments in insurance products to attract young people, which does not require 24-hour hospitalization.
New insurance companies have applied
Insurance regulator IRDA has submitted applications for 176 companies to start insurance business. Most of them want to enter the health insurance sector. In view of this, the insurance regulators are preparing to provide relief on the condition of starting the business. A committee of the IRDA has suggested that the existing Rs 100 crore capital requirement for starting an insurance business should be reduced to Rs 20 crore. This will allow small companies to enter the insurance business.