Insurance Regulatory Development Authority of India (IRDAI), is set to allow the insurers to offer wellness programmes along with life insurance policies that can earn reward points for the policyholders.
Before issuing final guidelines, the insurance companies regulator IRDAI has circulated draft guidelines on preventation and wellness features to insurance company for feedback. Accordingly, insurers are asked to incentivise the insured who meet the wellness criteria and is eligible for the reward points.
Insurance companies can reward policy holders with a variety of services, known as wellness benefits, which would be a value addition to the health insurance coverage with no additional cost. These reward points can be redeemed for getting a discount during renewal.
These wellness reward programmes (WRP) are designed to encourage policyholders to participate in certain activities to stay active and medically fit. Insurance companies are utilising wearables and health apps that provide benefits such as BMI, blood sugar monitoring, behavioural counselling, pedometer and video/teleconsultation with doctors. External motivators such as rewards, monetary discounts, and digital badges can also be used by insurance companies.
However, the insurance companies have been requesting the regulator for some time to allow them to offer wellness benefits.