All General and
Standalone Health Insurers (except ECGC, AIC)
Re: Norms on
collection of Health Insurance Premium during COVID-19 crisis.
Reference is drawn
to Clause C (1.1) of “Guidelines on Filing of Minor Modifications in the
approved Individual Insurance Products offered by General and Stand Alone
Health Insurers on Certification Basis” (Ref No: IRDA/HLT/CIR/MISC/151/09/2019
dated 20th September,2019) whereby Insurers are allowed to add premium payment
options (frequency / payment of premiums in instalment) in individual health
insurance products on certification basis.
In view of
prevailing conditions owing to COVID-19 outbreak, considering the need for
easing the payment of health insurance premiums, all the insurers are allowed
to collect health insurance premiums in instalments as specified in clause C
(1.1) of above referred guidelines, as they
may deem appropriate for any
shall comply with all the applicable conditions in general of the above
referred guidelines and in particular with clause 4.1 of the above referred
guidelines. The same is reiterated here for ready reference:
of premium payment modes (frequencies) under Clause 1.1 above:
4.1.1 There shall be no change
in basic premium table and charging structure under the approved individual
product to which new premium payment mode (frequency) is being added. Factors
applicable, if any, to allow the change of premium payment mode (frequencies)
shall be fair and reasonable.
4.1.2. The premium mode (frequency)
proposed to be added may be monthly, quarterly or half yearly and the resulting
premium amounts under each mode (frequency) are consistent with premium amounts
under other premium modes (frequencies) of the underlying product.
4.1.3. The basis for arriving at the factors, if
any, to be applied on the premium payment modes / frequencies proposed to be
added or removed is disclosed in the prescribed Form (FORM-IRDAI-FNU-HIP).”
instalment facility may be offered either as a permanent feature by duly
complying with the norms specified in the above referred guidelines or may be
offered as a temporary relief for a period of twelve months (one policy year)
in respect of all the health insurance policies that are due for renewal up to
31st March, 2021. Towards this, the provision of clause 3.9 of the
above referred guidelines that mandate a gap of at least 12 months for
effecting minor modifications stands relaxed.
The matter of
availability of facility of payment of premiums in instalments and the
conditions thereon shall be suitably published in the website of every
Where the facility
of payment of premiums in instalments is offered in respect of any product /
products the same shall be offered to all policyholders without any
discrimination and policyholders shall be also notified of the applicable
Specific consent of
having agreed to the conditions shall be obtained from the policyholders.
The names of the
products that are offered the facility of payment of premiums in instalments shall
be published in the websites of insurers for the information of policyholders.
The details of products
in respect of which the Instalments facility is made available shall be filed
with the Authority as per Annexure – 1 specified in the within referred
guidelines and within seven days from the date of offering the facility. There
will no change to the UIN allotted to the product.
are issued under the powers vested in Section 34 (1) of Insurance Act, 1938
read with Regulation 2(i)(g) read with Regulation 2 (i)(o) of IRDAI (Health
Insurance) Regulations, 2016.
This has the
approval of the competent authority.
D V S Ramesh,
General Manager (Health)