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Health initiatives by IRDAI you must know

Health initiatives by IRDAI you must know
May 1, 2021 camsrep

IRDAI has consistently proven that all their new initiatives are taken only to provide huge benefits for the public.

If you have missed out on the new rules issued by them, read through and stay informed.

    • The insurance companies have been increasing their premiums up to 100% on health insurance policies. The IRDAI has intervened and urged insurers to refrain from doing so. This move by insurance companies is a  result of rising claims and the expansion of diseases covered by health insurance policies.
    • Insurers will no longer be able to change the premium amount by including or excluding anything, because it may lead to increase in the premium rates. This applies to both health insurance and general insurance. However, IRDAI allows the insurers to make minor changes.
    • To help policy holders make an informed decision, new benefits or upgrades to existing benefits may be provided as add-on covers or optional covers with a standalone premium rate.
    • This new rule will protect policyholders from unpleasant surprises when they have to renew their policies and will improve transparency.
    • The IRDAI  has also released guidelines for issuing periodic notices to policyholders in order to maintain a consistent relationship with them and make sure they receive all the important updates and information. The policy holders can be notified through any means of communication like email or a letter.

      Details to be provided by the insurers

      • Insurers must  provide all their policyholders with basic information about their health insurance policies.  Insurers must inform the following list of details to the policy holder
        1. Name of the policy
        2. Policy number
        3. Extent of coverage available which includes the available sum insured and cumulative bonus
        4. Number of people covered under the particular policy
        5. Policy period
        6. Balance sum insured and accrued cumulative bonus available, if any
        7. Number of claims settled
        8. Due date for renewal
        9. Premium payment frequency
        10. Last date for premium payments and grace period
        11. Contact details for any queries (e-mail ID, phone number, toll free number)
      • The insurance company should communicate all the above information to the policyholders once in every six month or a month before the date of renewal.  The information can be exchanged among the insurers with a frequency of six months from the date of issuance of the policy in the case of a multiyear policy.
      • In the event of settlement of the claim by the insurance company to the policy holder, the insurer must also inform the policyholder about the balance sum insured as well as any cumulative bonus that may be available. They mustto policyholders within 15 days of the claim being settled.

All these proactive initiatives from IRDAI will benefit customers.  e-Insurance is also an initiative by IRDAI to help you organize and access your policies digitally. Be aware of the multiple benefits that IRDAI has been continuously rolling out and take advantage of them. To know more, follow us here and on our social media channels.

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