Only new health insurance policies except those with a tenure of less than a year will have a free look period. The Insurance Regulatory and Development Authority (IRDA) made these changes, in its modifications to its health insurance regulations that come into effect from next month. Earlier all health insurance policies were to have free look period.
Further, IRDA said that cumulative bonus that is not allowed on benefit based policies, will now have an exemption in personal accident covers. The concept works on the same lines as the No-Claim Bonus on your car insurance.
Policyholders, who have not made any claim in a year, can use the bonus to their benefit the following year. Insurers could either offer an increase in the sum insured or discount on the premium payable, or a combination of both.
Insurers, under the new guidelines, were allowed to provide coverage to non-allopathic treatments provided the treatment was undergone in a government hospital or in any institute recognized by government and/ or accredited by Quality Council of India/ National Accreditation Board on Health or other suitable institutions.
Now IRDA has said that they can provide coverage to non-allopathic treatments, only if the treatment was undergone in a government hospital or in any institute recognized by government and/ or accredited by Quality Council of India/ National Accreditation Board on Health.
vinay mohanty
No comments:
Post a Comment