Insurance companies can give policy holders wellness coupons & reward

Insurance companies can give policy holders wellness coupons and reward points
  • New guidelines related to health and safety scenario have been issued by IRDA
  • Insurance companies cannot display third party names or logos in their advertisements.
  • Insurance companies can give policyholder wellness coupons, reward

New mandatory guidelines have been issued by IRDAI, the regulator of the insurance sector. Under which insurance companies can offer discount coupons for health supplements and yoga centers. On the other hand, the policyholders can also get reward points if they meet the prescribed qualifications. Let us also tell you what kind of guidelines have been issued by IRDA.

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Discount coupons can be offered to the policyholder

As per the guidelines issued by IRDA, any health and production policy should be designed with the objective of maintaining good health only. In this wellness program, insurance companies can offer discount coupons or vouchers to policyholders for the purchase of health supplements or membership of a yoga center, gym, sports club or fitness center.

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Benefits cannot be availed in this way

According to IRDA, these facilities can be offered in policy in lieu of option or under addon. In addition, the regulator’s circular states that it cannot be incorporated into any insurance product or added as a benefit. IRDA has asked the insurance companies to assess the impact on the cost of insurance due to these facilities and to clearly disburse it to the customer at the time of application.

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No use of the third party

According to the IRDA circular, insurance companies cannot use third party names and logos in their advertisements. They may simply refer to facilities. However, IRDA has given permission to the insurance companies to mention these features on its website. Let me tell you that the importance and responsibility of IRDA have increased in the era of coronavirus. In the last six months, insurance companies have been keeping a stronghold on them, while protecting customers from being robbed. No company is allowed to take advantage of COVID wrongly.



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