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Non-life and health insurers can now solicit and market crop insurance and health insurance products through Point of Sales Persons. The Authority includes three new product categories with specific limits. These categories are crop insurance with a sum insured limit of one lakh rupees per acre, hospital cash policy with a limit of one lakh rupees per individual, and critical illness policy covering eight to nine critical illnesses with a maximum sum insured limit of three lakhs rupees per individual. Insurers must file these products under the file and use guidelines. The addition of products is effective from the date of issuance of this circular.
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[Image omitted. See the official document.]
Ref. No. IRDA/INT/GDL/ORD/047/03/2016
11th March, 2016
Circular
To
All CEOs of Non-life & Health Insurers
Subject: Guidelines on Point of Sales Person - Non-life & Health Insurers - Addition of Products
Your attention is drawn to the Guidelines on Point of Sales Person for Non-life and Health Insurers issued vide No. IRDA/Inf/GDL/ORD/183/10/2015 dated 26th October, 2015.
Vide the above guidelines, the Authority has introduced the concept of Point of Sales Persons to solicit and market pre-underwritten insurance products. The guidelines also provide for any other policy that may be specifically approved by the Authority.
There are requests made to the Authority by some of the insurers and insurance brokers to expand the range of products to include crop insurance and health insurance as they are largely pre-underwritten and are standard products.
After examining the requests, it is decided to include the following additional products under the power vested with it under clause 1(f) of Para V of the Guidelines to be solicited and marketed through Point of Sales Persons by non-life and health insurers.
Crop insurance with a sum insured limit of Rs.1 lakh per acre for all kinds of crops;
Hospital cash policy where a fixed benefit in the form of cash for every day of hospitalization with a limit of Rs.1 lakh per individual;
Critical illness policy which covers 8-9 critical illness with the maximum sum insured limit of Rs. 3 lakhs per individual;
The insurers who are willing to solicit and market the above range of products through Point of Sales Persons may file their products to the Authority under file and use guidelines as prescribed under clause 3 of Para V of the Guidelines on Point of Sales Person - Non-life & Health Insurers.
The above addition of products to the Guidelines is effective from the date of issuance of this circular.
[Image omitted. See the official document.]
(Nilesh Sathe) Member(Life)
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