Health Insurance Regulations

The Insurance Regulatory and Development Authority of India (IRDAI) has informed that as per the data compiled by the Authority, the number of lives covered under Health insurance policies during the financial year, 2014-15 (provisional data)  were 28.87 crore. As per the Census of India 2011, the population of India was 121.02 crore. As such, approximately 24 per cent of India’s total population has been covered under any health insurance policy during the FY 2014-15. IRDAI has further informed that 26 insurance companies have been issued Certificate of Registration to offer health insurance policies.

Details of health insurance policies issued and number of persons covered during the FY 2014-15 by non-life insurance and standalone health insurance companies are provided in Annexure – 1.

IRDAI has informed that the Authority vide Regulation (5) (k) and Schedule-I of IRDA (Health Insurance) Regulations, 2013 which prescribe the norms for portability of health insurance policies, has already implemented the portability of health insurance policies with effect from 1^st October, 2011. The premium that may be payable towards the new health insurance policy after porting would depend on the terms and conditions of the new policy. However, as per the Regulations stipulated by IRDAI while accepting a policy which is porting-in, insurer shall not levy any additional loading or charges exclusively for the purpose of porting.