IRDAI's big decision regarding your health insurance in the mid-19 epidemic, this facility will change
IRDAI
told health insurance companies that they cannot object to insurance claims
after taking premiums for 8 consecutive years. IRDA has issued a new guideline
in this regard and said that the terms and conditions of the policy will be
made easier.
New
Delhi. Insurance regulator IRDAI stated in its latest guidelines that health
insurance companies cannot object to insurance claims after taking premiums for
eight consecutive years. IRDAI stated that the purpose of these guidelines is
to standardize the general terms and conditions for getting insurance cover in
indemnity-based health insurance (excluding personal accident and domestic /
foreign travel) products.
Policy terms and conditions will be made easier
For
this, the language of the general terms and conditions of the policy agreement
will be made easier (Terms for Health Insurance) and uniformity will be ensured
throughout the industry. IRDAI said that all existing health insurance products
which are not in line with these guidelines will be revised from April 1, 2021
at the time of renewal.
What did IRDA say?
The
Insurance Regulatory and Development Authority (IRDAI) said that after the
completion of eight consecutive years of the policy, no reconsideration of the
policy will apply. After this period, no health insurance company can dispute
any claim, however, it does not include proven cases of fraud. Anything that
has been kept permanently separate in the policy contract will also not be
considered as an inclusion. Also, all limits, sub-limits, co-payments and
deductions will be applicable as per the policy agreement.
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read: These public sector banks will not be privatized in the current financial
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Moratorium will be applicable for the sum of the
first policy
In
the guidelines issued on 'Standardization of General Terms and Conditions in
Health Insurance Policy Agreement', the regulator stated that this moratorium
would be applicable for the first policy sum and then it increased only after
the date of the sum insured for eight consecutive years will apply to the
increased amount.
On
claim settlement, IRDAI said that it is necessary for the insurance company to
settle or reject the claim within 30 days of receiving all the necessary
documents. In case of delay in payment of a claim, the regulator said that in
such a situation, the insurance company will have to pay interest.
Also
read: These rules are going to change with regard to withdrawing cash from
ATMs! This charge will have to be paid.
very informative and important for individual
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ReplyDeleteVery informatie
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