Money & Banking

IRDAI offers a cash prize for naming new health cover product

Our Bureau Hyderabad | Updated on December 03, 2019 Published on December 03, 2019

The Insurance Regulatory and Development Authority of India (IRDAI) is offering Rs 10,000 cash prize for suggesting a suitable name for a new health plan.

The insurance regulator has been working on introducing a mandatory standard indemnity-based health insurance product with a sum insured ranging from Rs 1,00,000 to Rs 5,00,000 on an individual as well as a family floater basis.

The only differential would be the premium rates that are charged by various insurers. It published draft guidelines on the standard health product in February this year.

“It is considered important to have a simple and catchy name to the proposed health product which would be appealing throughout the country. Suggestions are invited from the public,’’ it said.

Suggestions can be sent to the email id by December 10, 2019.

The Indian health insurance market is having a number of individual health insurance products, each with its own features and corresponding terms and conditions. The objective of a standard health plan is to facilitate the public to choose a suitable health insurance policy which provides coverage to basic hospitalization related expenses.

Published on December 03, 2019
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