IRDAI consolidates changes in health insurance rules covering renewal, portability, senior citizens
The insurance regulator, IRDAI, has issued consolidated health insurance guidelines amended up to May 12, 2020 covering important areas such as renewal, portability and special provisions to protect senior citizens. These guidelines include: (i) Health insurance policy holders must be offered an alternative to switch to in case the policy they hold is changed or they reach the exit age; (ii) No charges to be levied for porting of policy (iii) Easier claim rules for those holding two health insurance policies. Amit Chhabra, Head-Health Insurance, Policybazaar.com said that in the recent times, the regulator has made several amendments to make the insurance products more customer-centric and today’s guideline is consolidated list that has been introduced to basically avoid confusion regarding what is being omitted and what is being included after the changes announced earlier. "Having a consolidated list of all the amendments will be beneficial for all and will provide clarity to both - customers and the insurers. Also, we can say that this will be considered as a reference document on which the further amendments in the insurance products could be based on. Summarising it, IRDAI has taken some really wonderful steps to transform the Health Insurance ecosystem in India. This compilation highlights all these steps," he said.
Source : Economic times