The government of India came up with the Fit India movement in 2019 to advocate a healthy lifestyle and help ease the burden on the country’s healthcare infrastructure. IRDAI’s move to introduce these guidelines is part of a bigger agenda to promote healthy living. These benefits can be a bundled part of the policy or an add-on feature as well. These benefits not only act as a motivation to be fitter and healthier but also incentivise the customer to opt for health insurance and to also renew their policy. It could be in the form of a discounted premium, 100% premium waiver, a higher sum assured, vouchers or free services at the time of renewal. These benefits are a monetary incentive to customers for taking better care of their health. The parameter could be walking a certain number of steps, enrolling for a gym membership or taking a health assessment. The fitness criteria may differ from policy to policy. Wellness benefits are accrued or earned by a policyholder who stays fit and healthy during the policy year. Let’s understand more about this in detail. This feature is a win-win for both parties. Do you know that maintaining your health can translate into actual wealth at the time of your health insurance renewal? With the Insurance Regulatory and Development Authority of India (IRDAI) guidelines on preventive and wellness features, insurers can incentivise policyholders who meet the wellness criteria by offering reward points or lowering their health insurance premiums at the time of renewal. Your health insurance incentivises you to stay healthy. To safeguard yourself against factors beyond your control, buying health insurance is a non-negotiable decision. Yet, fitness and immunity are not a guarantee of you never having to face a health emergency. Preserving one’s fitness and immunity has always been important of course, it has become all the more important in the past two years of the pandemic. Today, let’s tell you a simple way to turn this into reality. Health is wealth - an adage you must have heard countless times.
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