IRDA Enhanced Health Insurance

On May 29th, 2024, Insurance Regulatory and Development Authority of India (IRDAI) has announced a major revamp of regulatory norms.

All the entitlements in a health insurance policy available to a Policyholder have been brought in one place in the Master Circular.

Key Points

IRDAI has repealed 55 circulars.
Emphasized to provide a seamless, faster, and hassle-free claims experience for policyholder.
Ensure enhanced service standards across the health insurance sector.
Customers are provided with the flexibility to choose products/add-ons/riders as per his/her medical conditions/specific needs.
A policyholder with multiple health insurance policies can choose which policy to use for claiming the admissible amount.
A policyholder will receive a refund of the premium or a proportionate amount for the unexpired policy period if they choose to cancel their policy at any time during the term.
A health insurance policy is renewable and cannot be denied due to claims made in previous policy years, except in cases of proven fraud, non-disclosure, or misrepresentation by the insured.