Thursday, October 3, 2013

IRDA Fine-tunes Health Insurance Regulations

The Insurance Regulatory and Development Authority has brought some minor changes in the health insurance regulations notified in February this year.
As per the new norm which will come into effect from next month, only new health insurance policies except those with tenure of less than a year will have a free-look period. Earlier, all health insurance policies were entitled to have a free-look period.

Insurance companies can provide coverage to non-allopathic treatment provided if the policyholder had received treatment only in a Government hospital or institutions recognised by it or accredited by quality council of India/National Accreditation Board on Health, said IRDA Chairman, Sri T.S. Vijayan in a circular.

While, the existing norms extends coverage to treatment received in ‘any suitable institution’ in addition to the above.
Further, the circular said that there would be no cumulative bonus on benefit based policies with the exception of personal accident cover.


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