Insurance Regulatory and Development Authority

Ref: No. IRDAI/HLT/ORD/MISC/050/02/2020

25th February, 2020

Re:  Committee on studying the feasibility of allowing life insurers to offer indemnity based health policies.

Insurance Act, 1938 vide Insurance Laws (Amendment) Act 2015 recognised Health Insurance as a separate class of business. Historically Health insurance is recognized as one of the important elements of health care and health insurance premiums have been registering a significant CAGR of around 20% in the preceding 10 years in India. IRDAI (Health Insurance) Regulations 2016 allows Life Insurance Companies to offer Benefit based health insurance products only. Representations have been received from Life Insurance Companies to allow them to offer indemnity products as well.

1. In order to examine the feasibility of allowing life insurers offer indemnity based health policies, the competent Authority has decided to set up a committee with the following members:

Sr. No. Name Designation Organization Chairperson/ member
1 Mr. G. Srinivasan Director National Insurance Academy Chairperson


2.  Mr MR Kumar Chairman LIC of India Co-Chair
3. Mr M N Sarma Secretary General GI Council Member
4. S N Bhattacharya Secretary General LI Council Member
5 Mr. A V Girija Kumar CMD Oriental Insurance Co. Ltd. Member
6. Ms. Vibha Padalkar MD & CEO HDFC Life Insurance Co. Ltd. Member
7. Mr. Ritesh Kumar MD & CEO HDFC Ergo General Insurance Co. Ltd. Member
8 Dr S Prakash MD Star Health and Allied Insurance Company Member
9 Mrs Jayashree Sridhar Faculty Member NIA, Pune Convener

2. The committee shall review the following aspects:

a. Feasibility and the business scope for Life insurance companies to offer indemnity based health insurance products;

b. Extant statutory provisions that are applicable in this regard;

c. Any other matter as permitted by the chairperson

3. The Committee shall meet as often as required and submit its recommendations within two months of issue of this order.

Suresh Mathur,
Executive Director

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December 2020