It is good news for Point of Sales Persons (POSPs) as IRDA has allowed indemnity health insurance plans to be sold through them. POSPs are insurance intermediaries who are allowed to sell products of more than one insurance company. IRDA has recognized POSPs as having potential to increase insurance penetration. With this view, indemnity health insurance plans have been allowed to be sold through POSPs. Indemnity health plans, also called mediclaim plans, are those plans which pay the medical bills incurred when the insured is hospitalized. There are some limiting conditions though which should be remembered in this context. These are as follows –
- Only individuals can buy a health plan from POSPs.
- The maximum sum insured which can be bought is limited to Rs.5 lakhs.
- A health insurance company can only offer 3 of its health products to be sold through POSPs.
- As per IRDA, the POSPS should be thoroughly educated about the cashless claim settlement process of the health plans they are selling. Under a cashless claim the insurance company directly settles the medical bills with the hospital. Once the POSP understands the claim process he can educate his customers about the same. This would make health insurance claim settlement an easy and quick process.
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