new Delhi. New mandatory guidelines have been issued by IRDAI, the regulator of the insurance sector. Under which insurance companies can offer discount coupons for health supplements and yoga centers. On the other hand, the policy holders can also get reward points if they meet the prescribed qualifications. Let us also tell you what kind of guidelines have been issued by IRDA.
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Discount coupons can be offered
As per the guidelines issued by IRDA, any health and production policy should be designed with the objective of maintaining good health only. In this wellness program, insurance companies can offer a discount coupon or voucher to policy holders for the purchase of health supplements or membership of a yoga center, gym, sports club or fitness center.
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Benefits cannot be availed in this way
According to IRDA, these facilities can be offered in a policy in lieu of option or under addon. In addition, the regulator’s circular states that it cannot be incorporated into any insurance product or added as a benefit. IRDA has asked the insurance companies to assess the impact on the cost of insurance due to these facilities and to clearly disburse it to the customer at the time of application.
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No use of third party
According to the IRDA circular, insurance companies cannot use third party names and logos in their advertisements. They can usually refer to facilities. However, IRDA has given permission to insurance companies to mention these features on its website. Let us tell you that the importance and responsibility of IRDA has increased in the era of corona virus. In the last six months, insurance companies have been keeping a strong hold on them, while protecting customers from being robbed. No company is allowed to take advantage of Kovid wrongly.
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