Hyderabad: Your fitness and wellness regime can fetch some rewards in the form of discounted outpatient consultations or treatments, pharmaceuticals, health check-ups or diagnostics, redeemable vouchers for health supplements or even membership in fitness centres, sports clubs, and others from insurance companies.
The Insurance Regulatory and Development Authority of India has issued guidelines on the wellness and preventive features. The objective is to improve health and thereby enable affordable health insurance. They may be offered either as optional or an add-on cover.
Insurance companies, as part of promoting wellness and preventive regimes, may offer reward points to policyholders who comply with or meet the set criteria defined in the policies. They will also be able to offer discounts on premiums and/or increase in sum insured at the time of renewals based on the wellness regime of policyholders. This increase in sum insured will be independent and not linked to the cumulative bonus offered, if any, the insurance regulator said. Also, if more than one reward is given, the choice will be given to the policyholders to choose as per their need. They can choose a service provider of their choice for availing the wellness benefits or services.
The benefits will also be available under the family floater schemes and the onus will be on the insurers to define them in the policy document the manner in which accrual and redemption of rewards are considered in respect of all members covered.
Gurdeep Singh Batra, Head – Retail Underwriting, Bajaj Allianz General Insurance, said: “The guidelines from Irdai on including wellness and preventive features in health insurance are positive for customers. This is a much-awaited move and will give impetus to the health insurance products. We will also be able to give a discount to customers if they follow the wellness criteria defined in the policy. This move will encourage more people to opt for health insurance and also help them lead a healthy lifestyle.”
This is a positive move and will enhance the scope of health insurance from covering primarily inpatient departments (IPD) expenses to helping individuals maintain overall wellbeing, said Ashutosh Shrotriya, Head- Product and Business Process, Care Health Insurance. “Reward points will motivate consumers to adopt a healthy lifestyle while also making health insurance more engaging,” he said.
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