Page 14 - Insurance Times December 2023

to become more easily accessible and With the GST return, Indian health insurance be-
transparent as a result of a directive
from the regulator to provide a sheet comes more appealing to non-resident Indians.
that provides a brief overview of the The generation of wealth, the advancement of one's profession, and expo-
rights of policyholders and basic policy sure to better possibilities are among the common motives for India's ap-
information. proximately 25 million annual migration abroad. NRIs cannot afford to over-
Policyholders will have instant access look health insurance, which is the most important aspect of financial stabil-
to important data starting on January ity, when building their future.
1, 2024, such as coverage specifics, Families may quickly find themselves in financial difficulty due to the sharp
waiting periods, limits, sub-limits, and increase in medical emergency and healthcare prices worldwide. This is es-
all exclusions. In addition, health insur- pecially relevant to non-resident Indians (NRIs) and acts as a crucial safety
ance policies will come with a 15-day net for their relatives back home, particularly their elderly parents. Not to
"free-look" period that consumers can mention, going without health insurance could put them in a financial bind if
take use of in the event that they feel they needed medical assistance while in India.
misled. The recent establishment of tax refunds is a good step towards improving
Although the insurance contract con- affordability, even though the insurance industry has made significant ad-
tains essential information, it is fre- vances towards making health insurance more accessible and inexpensive for
quently buried in the fine print provi- NRIs. Now, NRIs can take advantage of tax laws to lower the cost of Indian
sions of the policy. Because insurance health insurance. When acquiring an Indian Health Insurance plan, non-resi-
plans are contractual in nature, these dent Indians (NRIs) are eligible for an 18% GST refund since they have previ-
terms are usually expressed in legalese. ously fulfilled their tax duties in their home country.

The aim of customer information
sheets (CIS), according to the insurance claims, and contact details for resolv- metric for total revenue – of Rs 10,000
regulator (IRDAI), is to "promote ing grievances. crore by 2026-27, up from Rs 4,070
transparency and enhance policyholder Furthermore, the CIS highlights the crore in 2022-23.
awareness regarding their health in- policyholder's responsibility to provide “In FY23, we had a gross written pre-
surance policies... empowering them relevant health-related information in mium of Rs 4,070 crore and we expect
with a deeper understanding of their an open and equitable manner. Ac- it to cross Rs 10,000 crore by FY27, on
insurance coverage". According to cording to IRDAI, withholding this in- an average of at least 28 per cent per
IRDAI, a number of complaints are formation could have an effect on annum. The three drivers of growth in-
coming from policyholders and insurers claim settlements. It is now required clude digitisation, distribution and inno-
with unequal information. of insurers to get policyholder signa- vation,” said Nimish Agrawal, executive
Insurers claim that this action will tures attesting to their receipt and vice president and chief marketing of-
lessen the likelihood of intermediaries comprehension of CIS information. ficer, Niva Bupa Health Insurance.
misrepresenting health insurance. 52 lakh health insurance claims were The company said that it is betting on
"The regulator wants to lower com- filed in FY22, of which 47.4 lakh were markets like Tamil Nadu to drive its
plaints by raising awareness and trans- addressed in less than a month and 3.6 growth. “Over the last three years, the
parency. The implementation of the lakh in between one and three category has grown at 24 per cent and
customer information sheet is ex- months, according to IRDAI. Up to two we were growing at around 49 per
pected to reduce instances of mis-sell- years were allowed for the payment of cent. During the April-to-September
ing, according to T A Ramalingam, the remaining claims. period, we have grown at around 40
Bajaj Allianz General Insurance's chief per cent. Our existing market share
technical officer. Niva Bupa seeks to have was 8.2 per cent for FY23 and in the
Apart from providing fundamental in- gross written premium of month of October we were at 9.2 per
formation, the CIS will enlighten clients cent. So, we are growing,” said
about their rights by emphasizing ideas Rs 10,000 cr by FY27 Agrawal. The company said the sym-
like cancellation of the "free-look" pe- Niva Bupa Health Insurance Company posium was organised to have a con-
riod, migration, portability, the mora- has said it expects to achieve a gross versation on health insurance opportu-
torium period, instructions on filing written premium (GWP) – an industry nities in the region.

14 December 2023 The Insurance Times