Buying Health Insurance at Hospitals May Soon Become Possible
What Happened
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed allowing hospitals to sell health insurance products by registering as Insurance Distribution Entities (IDEs). The move is part of a wider overhaul of the insurance distribution system aimed at expanding access, increasing competition, and simplifying the sector's distribution architecture. Hospitals would have to comply with safeguards such as training, certification, customer suitability assessments, and lower commission limits.
Key Takeaways
If approved, consumers could buy health insurance directly through hospitals, potentially making insurance more accessible. The proposal is also designed to reduce commission-driven sales practices and ensure customers are offered policies that best match their needs rather than products that generate the highest commissions.