Hyderabad:
The IRDAI has modified guidelines on product filing procujures for some of the products in the health insurance business.
For launching products like Personal Accident insurance,Overseas Travel insurance,Domestic Travel insurance products and Benefit Based health insurance have been, the insurers have allowed to opt for “Use and File procedure''.
The products can be be launched under “use and file'' subject to the following conditions:
-In respect of the personal accident, domestic and overseas travel products “use and file” is allowed only if the coverage offered both under base covers and add-on covers or riders is contingent upon an accident and/or travel as relevant.
-Where combination of covers from different lines of health insurance business, is proposed with products other than those mentioned above or with combination of products mentioned above but not in accordance with (i.1) above, insurers should continue to file such products under “file and use” procedure, as specified in the guidelines
For the purpose of the new guidelines, benefit based health insurance products are defined as the products under which a specified benefit, as chosen by the policyholder, is paid as a fixed benefit, on happening of the contingency covered.