IRDAI has made 3 changes in the rules of health insurance policy. The change in rules will benefit existing and new customers.
Health Insurance New Rules: A big update has come out for health insurance policy holders. The Insurance Regulatory and Development Authority of India has made many changes in the rules related to health policy. Which will benefit existing and new policyholders. IRDAI has made three major changes related to health policy. Moratorium period and voting period for PED have been reduced. Not only this, now it has been decided not to keep any maximum age limit for purchasing the policy. If you avail the benefit of health policy, then definitely know about the rules.
Now there is no maximum age limit to buy health policy
IRDAI has removed the maximum age limit for purchasing a health insurance policy. Earlier, insurance companies were allowed to offer regular health cover to a person up to 65 years of age. After the change, insurance companies can offer policies keeping senior citizens in mind. With this decision, customized and innovative policies will come in the market.
Waiting period for PED will no longer be 4 years
The waiting period for Pre-Adjusting Disease (PED) has been reduced from 4 years to 3 years. Only after this period, coverage is available for the diseases and treatment mentioned in the documents.
Moratorium period reduced
The moratorium period for health insurance policies has been reduced from 8 years to 5 years. Under the new rules, after 60 months of coverage, companies cannot reject any claims of policyholders on the grounds of non-disclosure and misrepresentation. Meaning, if a person pays the premium of his health policy continuously for 5 years, then in such a situation the insurance company cannot reject the claims of the policyholders. However, in case of fraud the claim may be rejected. This means that if information about diseases like hypertension, diabetes, asthma is found, the policy holder’s claim can be rejected. Companies can also cancel the policy citing non-disclosure of loan disclosures.
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