The Insurance Regulatory and Development Authority (IRDA) on Wednesday issued guidelines for ‘Health plus Life Combi Products’ (combi products), which is allowed to be promoted by all life insurance and non-life insurance companies.
The combi products would be the combination of pure term life insurance cover offered by life insurance companies and health insurance cover offered by non life insurance companies.
“In response to the proposals received for promoting the combined products of pure term life insurance products offered by life insurance companies along with standalone health insurance products offered by non-life insurance companies under the umbrella of a single product, the authority considers allowing the same as a product class within a broader policy framework of ensuring an informed choice and effective policy service to the policyholders,” IRDA noted in its guidelines on Wednesday.
