Insurance buyers, ALERT! Irdai warns against buying health insurance from THIS site

IRDAI pointed out that the policies offered by Even Health aren’t health insurance plans.

New Delhi: The Insurance Regulatory and Development Authority of India (Irdai), on Wednesday (April 13), issued a notice warning customers against buying health insurance from an unauthorised and unregistered platform.  

In the public notice, the regulator pointed out that the policies offered by Even Health aren’t health insurance plans. It also noted that the company is not registered with the insurance regulator. 

The notice issued by Irdai noted that the entity named ‘Even Healthcare Pvt Ltd’, which runs a website www.even.in is offering health plans, which are not health insurance plans. 

“...the said entity is not a registered entity with Irdai. Public subscribing to these plans of ‘Even Healthcare Pvt Ltd’ are advised to note that they are dealing at their own risk," Irdai said in its circular. 

“It is clarified that only Irdai-registered insurance companies or their appointed insurance agents and insurance intermediaries can sell insurance products. The public is hereby advised to exercise caution while dealing with unregulated entities and to avail of health insurance products and services from Irdai registered insurance companies," the regulator added. 

The insurer also provided a link to the list of insurance companies registered with Irdai. You can check the official list here - https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo264&mid=3.2.10. 

Even.in currently offers its membership at Rs 525 per month. The company claims to be offering unlimited consultations and diagnostics with its membership, along with a Rs 50 lakh hospital cover. However, according to Irdai, public subscribing to these plans are dealing at their own risk. Also Read: China's GDP growth seen slowing to 5.0% in 2022 amid Covid-19 onslaught

Even.in is backed by Khosla Ventures, Peter Thiel-led Founders Fund, Palo Alto Networks CEO Nikesh Arora, Cred chief Kunal Shah, and Zerodha co-founder Nithin Kamath, among others. Also Read: ‘Indian farmers are feeding the world’, says Piyush Goyal as Egypt approves India as wheat supplier