IRDAI likely to propose allowing life insurers to sell health insurance

The Insurance Regulatory and Development Authority (IRDAI) committee is likely to propose allowing life insurers to sell health insurance. The committee is likely to seek a nod for the distribution and manufacture of health insurance.

The committee has cited improved penetration, and global practice to support the move, sources told CNBC-TV18.

Presently, life insurers sell only fixed benefit health plans and not indemnity products. As per IRDAI, 75 percent of people pay for medical expenses from their pockets.

FY22 health insurance premium was at Rs 73,578 crore, i.e., 33 percent of the total industry premium.