Starting in October, your health insurance premiums will increase. To make health insurance products more “customer centric”, the Insurance Development and Regulation Authority of India (Irdai) has introduced a number of changes in the last year. The insurance regulator forced insurance companies to follow the guidelines and implement the product changes starting in October.
To eliminate ambiguities, Irdai asked the insurer to standardize the exclusions: diseases or medical conditions that are not covered by a policy. Any illness or disease that is diagnosed by a physician 48 months prior to the issuance of health coverage will be classified as a pre-existing condition. Additionally, any conditions whose symptoms have resulted within three months of the policy being issued will also be classified as pre-existing conditions. Treatment for mental illness and stress will now be covered by health insurance policies.
“Insurers are using this time to renew their offerings by adding new features and standardizing products, in accordance with IRDAI guidelines. They will launch the renewed products with a higher price. The increase in premiums could be in the range of 5-20 %, “he added. said Nirmal Bhattacharya, lead insurer for Universal Sompo General Insurance Company.
“Removing the ambiguity in exclusions and including modern treatment methods such as oral chemotherapy, balloon sinuplasty, and deep brain stimulation will expand the scope of health insurance. Treatment of mental illness, stress, or psychological and neurodegenerative disorders It has also been included in the field of health insurance. This inclusion would have an impact on prices depending on the increase in the costs of the procedure, “he added.
The standardization of the health insurance product is aimed at helping the client, Bhattacharya believes. These standardized clauses must be incorporated into new policies submitted by insurers as of October 1, 2020 and for existing products that must be renewed as of April 1, 2021.
How will the standardization of insurance products benefit policyholders? He replied: “Due to the availability of multiple health insurance products in the Indian insurance market, people are often confused which one to choose because they do not have the time and energy to go through the voluminous policy documents. Health insurance will help you understand product and claim resolution process simply through word of mouth. “
On whether to pay some extra money on health insurance, Bhattacharya said: “You should know that by paying an additional premium, health insurance products will be more inclusive, less complicated and more attractive to customers.
In addition to product standardization, Irdai asked insurance companies to ensure coverage for telemedicine. In the wake of the coronavirus outbreak, the telemedicine service is gaining popularity. The regulator also advised insurers to provide policyholders with more rational and customer-friendly claims deductions.
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