IRDAI Warns Against Buying Health Insurance Plans From Even Healthcare

On 13th April, the Insurance Regulatory and Development Authority of India (Irdai) issued a notice in public interest warning against buying health insurance policies from an unauthorised, unregistered website, even.in. The name of the entity is “Even Healthcare Pvt Ltd".
 
The regulator further clarified that the policies offered by Even Health are not health insurance plans, and the said entity is not registered with Irdai.
 
The public notice issued by Irdai via circular said, “It has come to the notice of Irdai that an entity named ‘Even Healthcare Pvt Ltd’, which has a corporate office at No.311,6th Main Road, HAL 2nd Stage, Indira Nagar, Bengaluru, Karnataka- 560038, and a website www.even.in, is offering health plans. It is to inform the public that the plans offered by Even Health are not health insurance plans, and 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."
 
“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 insurance regulator said. 
The list of insurance companies registered with Irdai may be accessed at https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo264&mid=3.2.10, said the regulator.
 
The regulator issues notices in public interest warning the public not to buy health and life insurance policies from “fake" or “unregistered" websites from time to time. Moreover, to protect consumers' interest against spurious calls and fraudulent offers, Irdai also asks life insurers to flash public notices prominently on their websites. At the same time, TV commercials need to run the message for at least 5 seconds of space.
 

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
 
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
 
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
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Debashis Basu
Founder