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December 8, 2020
The insurer regulator, IRDAI has proposed a ban on credit-linked group health policies such as critical illness covers that are coupled with home loans. IRDAI is intending to withdraw such policies by December 31, 2020.
“As the primary purpose of any health cover is to meet the treatment costs or to manage the lifestyle on diagnosis of critical illness, no insurer is permitted to offer any indemnity or benefit-based credit-linked group health products,” Irdai said in a draft circular. Exception to this has been made for the sale of personal accident policy only.
Ideally, critical illness covers should be purchased along with the health insurance and not as a standalone cover. Also, premiums on group covers are completely unregulated unlike individual policies, where the regulator ensures the pricing is fair.
In the draft circular, IRDAI said that henceforth insurers that wish to offer group insurance should have a board-approved group underwriting policy.
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