IRDAI plans 100% cashless health claims, flexible plans for the elderly

• The Insurance Regulatory and Development Authority of India (IRDAI) is planning to unveil a host of new measures like:
• 100 percent cashless claim settlement in health cover
• long-term products, flexible insurance plans for old people
• new niche players to deepen the market smoothen the insurance process.

The Insurance Regulatory and Development Authority of India (IRDAI):

• It is a statutory body formed under an Act of Parliament, i.e., the Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999)
• Objective:
  • overall supervision and development of the Insurance sector in India.
  • It is responsible for registering and/or licensing insurance, reinsurance companies and intermediaries.
• Entities regulated by IRDAI:
  • Life Insurance Companies - Both public and private sector Companies
  • General Insurance Companies - Both public and private sector Companies.
  • Among them, there are some standalone Health Insurance Companies which offer health Insurance policies.
  • Re-Insurance Companies
  • Agency Channel
  • Intermediaries which include the following:
  • Corporate Agents
  • Brokers
  • Third-Party Administrators
  • Surveyors and Loss Assessors.
• Composition: It is a 10-member body- a chairman, five full-time members and four part-time members appointed by the Government of India.
• To protect the interests of policyholders, the IRDAI was granted significant responsibilities.
• IRDAI’s Head Office is in Hyderabad.

Prelims Takeaway

• The Insurance Regulatory and Development Authority of India (IRDAI)
• statutory body