Top 10 Changes that Improvised Health Insurance This Year

The Insurance Regulatory Development Authority of India (IRDAI) has consolidated various guidelines on health insurance portability, renewal, and special provisions in health insurance for senior citizens. Post COVID-19 global pandemic outbreak, several measures have been taken by the Insurance Regulator to improvise the ecosystem of health insurance in India.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*
  • 50,000 claims approved in last 15 months*
  • Schedule home visit with our advisors
  • Get a plan based on your medical needs

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Back
All health plans cover Covid-19 treatment
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      What is your existing illness?

      Select all that apply

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step
      Advantages of
      entering a valid number
      You save time, money and effort,
      Our experts will help you choose the right plan in less than 20 minutes & save you upto 80% on your premium

      These consolidated insurance guidelines were amended up to May 12, 2020, and here is what it shall cover:

      • Easy health insurance portability without any extra charges
      • The policy holders shall be provided with an alternative to switch to another medical insurance plan in case they reach the exit age, or their existing policy is changed 
      • Claim should be made easy for people holding two health plans

      IRDAI has Proposed Breakthrough Changes in Health Insurance in India

      Here is a quick rundown of these consolidated changes in detail below:

      Special Health Insurance Provisions for Senior Citizens

      In the new guidelines, IRDAI proposes that the premium charged for both health insurance and life insurance products should be justified, duly disclosed upfront, and transparent. Senior citizens shall be allowed to buy the policy up to the age of 65 years. And any rejection of the proposal for medical insurance of a senior citizen should be in writing with reasons. 

      Multiple Health Insurance Plans

      As per these guidelines if there is any balance claim or is not allowed under the previous mediclaim policy it can be made from other health plans if the sum insured of the previous policy is not exhausted. In such a case, the health insurance provider should settle the claim independently subjected to the terms and conditions of the other health plan.

      Health Insurance Policy Renewal

      The Health insurance renewal premium shall not be accepted more than 90 days in advance of the premium due date

      Moratorium Period

      Once the policyholder has paid the premium continuously for eight years, no look back to be applied. And this eight years period is termed as the moratorium period. It is applicable for the coverage amount of the first policy and subsequently, completion of 8 consecutive years would be applicable from the date the sum insured was increased that too only on the higher limits.
      After the Moratorium Period is expired, no medical insurance claim is contestable unless it is a permanent exclusion or a proven fraud. However, all the deductibles, sub-limits, co-payments, shall apply as per the policy terms and conditions.

      Portability of Health Insurance Policies

      As per the guidelines mentioned in the circular, the insurance company shall not levy any additional charges particularly for porting a health insurance policy.

      AYUSH Treatment Cover

      Health insurance companies shall offer coverage for one or more systems under AYUSH treatment cover as per the policy terms and IRDAI guidelines.

      Migration of Health Plans

      According to the IRDAI guidelines both the Health and General Insurance providers offering indemnity-based health insurance cover shall give the policyholders an option to switch to an alternative medical policy available at the time of policy withdrawal or modifications.

      This is also applicable to specific indemnity plans for children under floater policies, specific age groups, students, etc. when they reach the exit age.  The policy shall incorporate all the suitable credits that were maintained in the last policy.  All the norms related to portability and migration of health plans issued by health and general insurance companies shall be subjected to IRDAI guidelines as issued from time to time. 

      Underwriting of Health Insurance Products

      According to the IRDAI guidelines, Health and General insurance companies should incentivize policyholders for continued renewals, early entry, preventive and wellness habits, and favourable claims experience.

      The insurer would need to mention these incentives upfront in the policy documents and prospectus, in compliance with the Product Filing Procedure Guidelines. 

      Incentives for wellness and preventive habits should also be defined clearly in all the insurance products. 

      The policyholder shall be informed in writing about all the underwriting loading charges as filed and approved under the Product Filing Guidelines and the consent of the policyholder for such loadings should be obtained before the policy issuance. 

      Withdrawal of Policy

      In the likelihood of the policy being withdrawn in the future, the Insurer will have to intimate the policyholder about the same 90 days before the policy expiry date. At the time of renewal the policyholder will have the option to migrate to a similar medical insurance product available with the Insurer with all the accumulated continuity benefits such as waiver of the waiting period, cumulative bonus, etc. as per the IRDAI guidelines, provided there hasn’t been any break in the payment of the premium. 

      Wellness and preventive Measures

      Health insurance companies now will endeavor to promote health and wellness among policyholders from time to time as per the new IRDAI guidelines as given in the circular.

      This consolidated list is beneficial to both the insurers and the customers and will improvise the stance of the health insurance industry in the country, especially during the ongoing pandemic.

      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Should You Buy a Super Top-up Health Insurance Policy?

      18 Jan 2023

      India is abuzz with a variety of health insurance plans to cater
      Read more
      6 Reasons Why Your Cashless Health Claims Can Get Denied

      18 Jan 2023

      Cashless claims are one of the most lucrative benefits of buying a
      Read more
      Check Out the Mandatory KYC Documents for Health Insurance

      30 Dec 2022

      The Insurance Regulatory & Development Authority of India
      Read more
      What to Look for in a Health Insurance for Cancer Plan?

      20 Dec 2022

      Cancer is one of the biggest demons that the world faces today
      Read more
      What are the Factors Affecting Health Insurance Premium?

      20 Dec 2022

      Demand for insurance products in India, especially health
      Read more
      What are the Normal Thyroid Stimulating Hormone (TSH) Levels as Per Age?
      The thyroid gland is an important gland responsible to produce the right amount of hormones for normal body
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal
      Read more
      Income Tax Slab for Women: Guide to Exemptions and Rebates
      In India, every person who earns beyond a certain limit is liable to pay income tax to the government. The tax
      Read more
      Best Health Insurance Plans for Senior Citizens in 2023
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance
      Read more
      How Senior Citizens can save Tax with Medical Bills u/s 80 D?
      Senior citizens can save on income tax by availing tax benefits on medical expenses under Section 80D of the Income
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL