Irdai) on Monday allowed general and health insurance companies to launch four more categories of individual products, add-ons and riders of health policies to be filed under the use-and-file procedure.
The four new categories are personal accident insurance, overseas travel insurance, domestic travel insurance and benefit-based health insurance products.Under the use-and-file norms, insurers are permitted to market certain products without Irdai’s prior approval.
Corona Rakshak Policy, a standard benefit-based health plan, which was launched last year in the aftermath of the Covid-19 pandemic, is an example of a use-and-file product.“This is a great initiative by the regulator to promote incremental innovation.