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Straight from the Specialists

Health insurance in new, improved avatar

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(The views expressed in this column are the author’s own and do not represent those of Reuters)

“Till now our focus was to work as a development authority but now it has been more than a decade and it is time to act as a regulatory authority,” Hari Narayan, the chairman of India’s Insurance Regulatory and Development Authority (IRDA) was quoted as saying in a recent interview.

And true to form, IRDA has just released an exposure draft on the functioning of health insurance in India.

These draft guidelines, if implemented, will go a long way in setting up a truly useful and efficient health insurance mechanism in India. It has attempted to cover all aspects of a health insurance plan — from simplifying the product documents and design, enabling some very useful features, protection of the policyholders’ interest, efficient and transparent claims handling, portability and issues mostly faced by senior citizens (this is a pain area currently).

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