The Life Insurance Council, which represents life insurance companies in India, will request the IRDAI to allow them to offer indemnity health cover again.
The regulator has barred life insurance companies from offering indemnity health products since July 2016. Indemnity-based plans are those where the policyholder can claim reimbursement after visiting a doctor.
Currently, life insurers can only offer fixed-benefit health products, reported The Times of India.
The council has formed a committee led by HDFC Life managing director & CEO Vibha Padalkar to handle the issue.
She said, “In two to three weeks, we shall submit a proposal to IRDAI about resuming health indemnity cover for life companies."
The insurance regulator in 2016 banned life insurers from offering indemnity based health products, which at that time constituted 90% of the health insurance market.
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