IRDA makes it easier to renew health insurance
IRDA guidelines issued also make it clear that the renewal of a health insurance policy cannot be rejected on arbitrary grounds. As per IRDA, the only exception for rejection of a health policy renewal could be fraud or misrepresentation of facts.
NEW GUIDELINES issued by the Insurance Regulatory and Development Authority (IRDA), on Thursday (April 2), made it mandatory for an insurance company to renew a health insurance policy, irrespective of the payments already made out in claims.
These new rules will come in handy for the old and those with medical conditions as they faced a lot of problem while renewing their health policies.
IRDA has made it clear that delays of up to 15 days from the renewal date will also need to be condoned by the insurers and they have to cover benefits given for pre-existing diseases.The new guidelines shall be applicable from June 1, 2009.
IRDA guidelines issued today also make it clear that the renewal of a health insurance policy cannot be rejected on arbitrary grounds. As per IRDA, the only exception for rejection of a health policy renewal could be fraud or misrepresentation of facts.
IRDA also stated that a customer should not be compelled or forced to shift from one health insurance policy to another insurance product, except where the policy was being upgraded or discontinued with permission from the authority.
It has also asked the insurance companies to provide complete details about terms of renewing a health policy. IRDA said that the purpose of these guidelines was to enable the consumer to take an informed decision.
The regulatory body also told the insurance companies to state in clear terms if there are any changes in the payment of premium by the consumer.
IRDA guidelines issued today also make it clear that the renewal of a health insurance policy cannot be rejected on arbitrary grounds. As per IRDA, the only exception for rejection of a health policy renewal could be fraud or misrepresentation of facts.
IRDA also stated that a customer should not be compelled or forced to shift from one health insurance policy to another insurance product, except where the policy was being upgraded or discontinued with permission from the authority.
It has also asked the insurance companies to provide complete details about terms of renewing a health policy. IRDA said that the purpose of these guidelines was to enable the consumer to take an informed decision.
The regulatory body also told the insurance companies to state in clear terms if there are any changes in the payment of premium by the consumer.
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