Your health insurer may offer a discount if you practice yoga

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The Insurance Regulatory Development Authority (IRDAI) may allow insurers to offer wellness benefits. Policyholders can earn reward points by participating in wellness activities such as yoga, which can be redeemed for a discount on renewal, The Economic Times has reported.

IRDAI has circulated draft rules on this to insurance companies for comments before publishing final recommendations. The insurance firms, on the other hand, have requested more time.

Insurers are required to incentivise insured people who achieve the wellness criteria and are eligible for reward points, according to the recommendations on preventive and wellness features.

Insurance companies can provide policyholders with a number of services known as wellness benefits, which are a no-cost value-add to health insurance coverage.

If the insured person demonstrates healthy behaviours, insurers will provide them with a reduction on their renewal premiums. These can include the number of steps taken per week, yoga practice, calorie intake, and a healthy heart rate. The insurers can also enroll customers in wellness programmes. These wellness reward programmes (WRP) are intended to motivate policyholders to engage in specific activities in order to be active and healthy.

Insurance companies are using wearables and health apps to give services including BMI, blood sugar monitoring, behavioural counselling, pedometers, and video/teleconsultation with doctors. Insurance businesses can also use external motivators like incentives, monetary discounts, and digital badges.