IRDAI's big decision regarding your health insurance in the mid-19 epidemic, this facility will change

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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.

Also read: These public sector banks will not be privatized in the current financial year, this is the reason!

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.


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