Submit IRDAI’s approval, the life insurance coverage agency is more likely to deal with essential sickness merchandise. Moreover, the corporate has written to the insurance coverage regulator to permit them to distribute different monetary merchandise like mutual funds, loans and financial institution deposits.
HDFC Life Insurance coverage has utilized to Insurance coverage Regulatory Authority of India (IRDAI) for permission to enter the indemnity medical insurance market, sources knowledgeable CNBC-TV18. Submit IRDAI’s approval, the life insurance coverage agency is more likely to deal with essential sickness merchandise. Moreover, the corporate has written to the insurance coverage regulator to permit them to distribute different monetary merchandise like mutual funds, loans and financial institution deposits.
If the modification to Insurance coverage Act is accepted by Parliament, insurers will be capable to distribute different monetary merchandise quickly.
The Division of Monetary Companies has additionally advised permitting insurers to function in a number of strains of enterprise — common, life, and well being — with out having to hunt separate licences from the regulator for every enterprise, supplied they meet the minimal capital necessities. This is able to require an modification to the Insurance coverage Act, 1938.
At the moment, insurers want separate licences for all times, common and standalone medical insurance enterprise.
In the meantime, CNBC-TV18 has written to HDFC Life on its letter to IRDAI. The response from the corporate is awaited.
(Edited by : Anshul)
First Printed: Jan 18, 2023 11:47 AM IST
