Health Insurance | Do you want to take out a health insurance policy? Color codes for health policies are coming soon. Find out why.
With the impact of Kovid-19, the importance of health insurance policies has increased. Accordingly, IRDAI will introduce a new approach to make health insurance more customer friendly. As part of this, color coding will soon be introduced for every health scheme offered by health insurance companies.
These color codes indicate the complexity and scope of a health policy. It can be understood as a simple product in green, a moderate product in orange and a complex product in red. This color coding system has already been implemented in mutual funds. It has added the labels Hirisk and Lorisk. The Insurance Regulatory and Development Authority of India-IRDAI has decided to apply the same policy to health policies. With this new approach you can easily find out whether the health insurance plan is simple or complex. In addition, the score for the respective health plans is based on the terms and conditions of the insurance plan.
as the simple, moderate, within the complex, all of the three categories aiardieai Insurance plans are divided. The score is determined by taking into account optional covers, co-pay percentage, waiting period, permanent exemptions, number of treatments and simplification of terms. Insurance plans with a score of 2 or lower are classified as green, plans with a score of more than 2 and less than 4 are orange, and plans with a score of 4 to 6 are red. The higher the number of optional covers and the higher the co-payment percentage, the higher the score.
Flipkart Sale: Rs 70,000 and Rs 20,000 only … such bamparaphar again smartphone may offer , for example, if a health insurance prodaktki 5 Optional covers, as an optional cover to take into account the 0.6 score , The corresponding insurance policy score will be 3. Similarly, for every 1 per cent increase in co-payment within 5 per cent, a score of 0.3 is given, which is subject to a maximum of 6 points. In the case of multiple options, only the average of the options is considered. For example, if a health product has 10 percent and 20 percent co-pay options, then the average co-pay is 15 percent. IRDAI has asked its shareholders to submit their views on the color coding scheme by October 15.
