As the saying goes, a healthy mind resides in a healthy body. The health of every person is important and it can easily become a subject of concern whenever a medical emergency hits-in. A medical emergency can be drowning both for the patient and the family not just emotionally but financially even.
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To take care of the finances part, having a health insurance plan will never leave in worries. Make sure that you have a comprehensive health insurance plan that will take care of the incurred medical expenses. The role of IRDAI is of vital importance when it comes to any insurance product and services.
In this article let us understand the role of IRDAI in the health insurance sector and also highlight how it ensures fair practices in the business.
First things first!
It stands for the Insurance Regulatory and Development Authority of India. The primary intent of IRDAI was simply to optimize the Indian insurance sector and likewise provide new avenues for the development. In the year 1999, it was an autonomous body; however, in 2000 IRDAI became one statutory body that regulates the Indian insurance business.
Undoubtedly, the trend in the insurance business changes at a fast pace. Right from the conventional way of buying insurance to taking the digital route IRDAI has kept up to date with the help of the standardization guidelines done from time to time. Let us understand IRDAI’s recent guidelines for the health insurance plans in 2020.
The IRDAI has jotted down some key rules, which needs to be compiled with. Now, these rules will enable both the insurance company and the insured to avail the fair deal when it comes to a health insurance plan. Listed below are some of the key rules that are laid down by the IRDAI:
The IRDAIs’ guidelines for the health insurance plans focus majorly upon the listed below aspects:
The above-mentioned guidelines will remain applicable to the health insurance products that have been filed from 2020, October 1. As for the existing products, the terms and conditions will be modified complying with the rules upon the renewal after 2021, April 01.
In these tough times of COVID-19, it is highly advisable to buy the health insurance plan online. With a plethora of options available such as health insurance for parents, family, and so forth it is important to review the coverage and compare the features and of the plans offered by different health insurance companies in India.
Your health is your priority. Everything else comes after it.
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