Discount on health insurance premium, gym membership vouchers or health supplement discounts. These are some of the wellness benefits that your insurer will be able to offer as part of a health insurance plan.
The insurance regulator has now specified a list of items that can offered as wellness benefits under a health insurance policy. However, prior permission will be required from the Insurance Regulatory and Development Authority of India (IRDAI) for inclusion of these benefits.
IRDAI has said that every insurer has to assess the pricing impact of wellness and preventive features offered and disclose it upfront to the regulator while filing the product.
As part of the health and witness solution, insurers can offer outpatient consultations or treatments that are typically excluded in a standard health plan. Health checkups and diagnostic tests can also be part of the wellness package.
To ensure that customers stay fit, IRDAI has allowed insurers to offer redeemable vouchers to obtain health supplements, vouchers for gym/yoga centre/sports club membership.
For customers who participate in fitness activities, insurers can also offer either a discount in premium or increase in sum insured during renewals. Further, non-payable items can also be covered.
However, IRDAI has said that the operational costs for administering wellness and preventive features will have to be factored into the pricing of the underlying health insurance product.
For family floater plans where multiple people are covered under one product, IRDAI has said that insurers have to make clear disclosures. These will include how the wellness benefits/rewards can be redeemed and if everyone will be provided the same benefit.
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