IRDA to Standardize Guidelines and Rules to Health and Mediclaim Insurance

The health insurance sector has witnessed steep growth during the past few years in India. This has largely been contributed by the fact that people now understand the importance of health care and health insurance as a medical treatment has gone expensive over the years. Another factor leading to the growth of this factor is an increase in disposable income of the people.

Read More

Get ₹5 Lac Health Insurance starts @ ₹200/month*
Tax Benefitup to Rs.75,000
Save up to 12.5%* on 2 Year Payment Plans
7 Lakh+ Happy Customers

*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

Get insured from the comfort of your home No medicals required
I am a

My name is

My number is

By clicking on ‘View Plans’ you, agreed to our Privacy Policy and Terms of use
Close
Back
I am a

My name is

My number is

Select Age

City Living in

    Popular Cities

    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

    When did you recover from Covid-19?

    Some plans are available only after a certain time

     

    The main aim of the health insurance industry is not to sell and market health insurance policies but also provide timely and efficient claims during their requirement. Health insurance policyholders often complain about claims being denied by the insurance company on perky grounds. This has resulted in regulatory authority to develop new standardized procedures to help people to make successful claims.

    New Rules to Standardize Health Insurance Sector by IRDA

    The insurance sector is regulated by the Insurance Regulatory Development Authority (IRDA) of India in our country and the organization has introduced several new rules to standardize this sector aiming to increase the convenience of insurance holders.

    In order to avoid misunderstandings and ambiguity of the insurance policies, the regulatory body has defined guidelines to standardize health insurance practices in the country. It has laid some rules which are required to be used as a mandatory clause in the documentation of each and every health insurance policy.

    Some of the guidelines framed by IRDA insurance include critical illness, pre-existing diseases, hospitalization etc. The regulatory body has defined these terms and health insurance companies are required to be used the same words while framing policy wordings for each and every policy. the body has defined pre-existing disease as “Any condition, ailment or injury or related condition(s) for which you had signs or symptoms, and / or were diagnosed, and / or received medical advice / treatment within 48 months to prior to the first policy issued by the insurer” and hospitalization as “A minimum stay for 24 hours in the hospital”. Further, the hospital has been defined as more clearly as “A hospital should have at least 10 inpatient beds, in those towns having a population of less than 10, 00,000 and 15 inpatient beds in all other places”.

    You may also like to Read: 80D Income Tax Deduction

    These new guidelines laid down by the IRDA insurance regulatory body aims to decrease the frauds and to increase satisfaction among insurance policyholders. The other main reason for laying these rules is to increase the trust between insured and insurer in order to facilitate the development of this sector. With these simplified rules, insurance seekers will be able to understand different clauses of the policy and will help them to buy suitable policy meeting their needs.

    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
    List of Diseases Covered by Bajaj Allianz Health Insurance Plans

    05 Jul 2022

    Barely any person has remained unaffected due to rising health...
    Read more
    Annual Medical Check-ups in Health Insurance

    05 Jul 2022

    Regular health check-ups are important to keep a track of your...
    Read more
    Advantages and Disadvantages of Buying a Health Insurance Policy

    04 Jul 2022

    In India, healthcare is getting expensive with each passing day...
    Read more
    Does Health Insurance Cover Sports & Gym Injuries?

    27 Jun 2022

    Gone are the days when only athletes and professional sports...
    Read more
    Health Insurance for Rural India

    24 Jun 2022

    Healthcare is expensive in India and is increasing with each...
    Read more
    PMJAY Scheme: Ayushman Bharat Yojana Eligibility & Registration Online
    Prime Minister Shri Narendra Modi announced the launch of (PMJAY) Ayushman Bharat Yojana in his Independence...
    Read more
    Best Health Insurance Plans in India 2022
    Finding the best health insurance plan from so many different health insurance companies can get confusing for many...
    Read more
    Best Maternity Insurance Plans
    Maternity insurance offers comprehensive coverage for medical expenses incurred during pregnancy, including the cost...
    Read more
    How to apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)
    Ayushman Bharat health insurance is a flagship scheme launched by the Government of India, as per the...
    Read more
    10 Major Benefits of Ayushman Bharat Yojana
    Pradhan Mantri Jan Arogya Yojana (PM-JAY) is the second component under Ayushman Bharat Scheme. PM Narendra Modi...
    Read more
    top
    Close
    Download the Policybazaar app
    to manage all your insurance needs.
    INSTALL