NEW DELHI: In order to encourage penetration of health insurance in the country, a Delhi-based think tank ICRIER said that regulator IRDA should encourage companies to pay higher incentives to agents selling health insurance products.
"The monetary reward as well as other incentives for selling health insurance must be attractive enough to ensure that there are sufficient incentives for insurance agents to promote the sale of such products," ICRIER said in a working paper on 'Private Health Insurance Coverage' in India.
The regulator should also ask the insurer to devise incentive scheme for selling health products to low income households, it said, adding, apart from this, participation of non-profit entities like self help groups should also be encouraged for the same.
The paper done by Sukumar Vellakkal said that health insurance schemes are a less profit but high-risk oriented business for them as compared to other forms of insurance schemes including life insurance schemes.
"We found that insurance agents are a significant entity in the Indian health insurance market, which is characterised by a low level of public awareness about various aspects of the insurance market and the partner-agent model of health insurance" it said
Source:Economictimes
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