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Wellness benefit Rules Defined By IRDAI

In the wake of rapidly deteriorating global health, wellness should now be more of a priority to people than an option. Supporting this cause, the Insurance Regulatory and Development Authority of India (IRDAI) has issued some guidelines allowing greater and more transparent wellness benefits if you buy health insurance plans or life insurance across the country. With these new rules, policyholders will have an easier access to a healthier lifestyle and prevent major health issues in the long run. Read on to find out the latest wellness benefit rules issued for a better life!

Transparency

According to the guidelines, now insurance companies will need to notify the policyholder about their reward accrued against the credits as well as their entitlements under wellness and preventative features. This must be practiced at regular intervals at least once a year. Along with this, the policyholder will be allowed to choose from the list of affiliated service providers to redeem their wellness and preventative benefits. This information along with the list will be filed with the product to rule out any ambiguities or shadiness. These features will enable a transparent and liberating opportunity for the policyholders. It will ensure that no insurer can misuse these benefits.

Fulfilling Criteria

Each insurance company has its own set of criteria for wellness and preventative benefits. According to the new guidelines, the insurance companies now have to mention these criteria clearly with the product. They will reward the policyholders fulfilling the criteria for this particular benefits. This benefit will also be available as an optional or add-on cover that policyholders can conveniently buy while buying or renewing their insurance policy. This new reward system has also enabled companies to provide discounts on these benefits. Now policyholders are more likely to buy health or life insurance and opt for a healthy lifestyle.

Services

IRDAI has issued the list of services that will be encompassed within the wellness and preventative system.​

Here's the list of heath-related services provided by network providers or affiliated service providers:

  • Pharmaceuticals
  • Health check-ups or diagnostics
  • Outpatient consultation or treatment
  • Discounts on aforementioned services
    •  
    It also includes redeemable vouchers for getting health supplements and for membership in wellness centers such as:

  • Yoga Centers
  • Gyms
  • Sports Clubs
  • Swimming Clubs
  • Fitness centers
  • Participating in fitness programs
    •  
    Besides, IRDAI has the right to reject any benefits provided by the insurer which is not relevant to the policyholder's interest.

    Bonus Offers

    What could possibly be better than saving money by staying fit! Based on the guidelines by IRDAI, insurance companies can offer a discount on premiums or increased sum insured during the renewal or changing the company. This will simply be based on the fitness regime followed by the policyholder during the previous policy period and it will not be linked to the offered bonus. Maintaining good health and practicing wellness is the need of the hour. The new guidelines will hopefully attract more people to buy insurance covers and protect their financial interests while staying safe. Get yourself insured today and enjoy these wellness benefits!​