HDFC Life Requests IRDAI To Grant Entry Into Indemnity Health Insurance Market

Updated On Jan 19, 2023

HDFC Life, a leading life insurance company in India that provides a range of life insurance products to cater to the varied needs of its customers Recently, appealed to r IRDAI to make an entry into the Indemnity Health Insurance market.

A few days ago, life insurance companies had already made a plea to provide them with a composite insurance license so that they can sell indemnity health insurance products as well. With the help of a composite license, insurers will be able to sell different products under one license. A number of insurers are expecting to get these changes implemented in the upcoming budget of 2023. Even HDFC Life is expecting approval from IRDAI regarding this so that it will become easier for them to focus on products like critical illness health insurance plans.

These changes will make an amendment to the existing Insurance Act of 1938 and allow insurers to sell a bunch of insurance products. HDFC Life has also made a request to IRDAI, requesting them to sell a variety of insurance products like mutual funds, bank deposits, loans, and more. So, considering the growth potential in the insurance sector, it is very important that these requests made by HDFC Life are approved.

Also read: What Financial Objectives Can You Satisfy With A Life Insurance Policy?

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.