Irdai asks all non-life insurers for a uniform standard health product

Insurance regulator Irdai has asked all non-life insurers (general and health) to offer a “Standard Health Insurance Product” as it is essential for customers to have access to a basic health cover that caters to their needs.

At present, health insurance products vary significantly with each other in terms of benefits offered.

“This standard product shall have the basic mandatory covers, which shall be uniform across the market. No additional add-ons or optional covers are allowed to be proposed to offer, along with the standard product,” the insurance regulator said.

Rakesh Jain, CEO, Reliance General Insurance, said, “This is something that unites every