Changes In Insurance: There have been so many changes in the insurance sector in the year 2022 which have proved to be very useful for the people and on the basis of these, big changes are expected in the year 2023 as well.
Changes In Insurance: 2022 has been a very good year for the insurance market, approval of use and file by IRDAI was a big step. Due to use and file, the reach and speed to market of insurance will get a boost and new innovative products will also come. Compared to earlier, now the company has the right to decide the product and launch the product at its own time. Earlier, the insurance company needed to take approval from the regulator before deciding the product, which used to take 3 to 4 months, due to use and file, time has been saved.
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OPD cover has also been launched in the market in the year 2022, which is very beneficial because before hospitalization and even after discharge from the hospital, there are many expenses like medicines, medical consultations, regular checkups, which the person has to bear from his pocket. Earlier you had to bear the cost, but now you can opt for Opodi cover by paying a slightly higher premium while choosing your health insurance plan. Under the OPD cover, the check-ups you do before and after hospitalization, or the doctor’s consultation and the cost of medicines etc. are all covered in this.
Maternity cover also launched
Apart from this, maternity cover was also launched in the market this year, which is very beneficial for women, this cover gives option to customers to cover them if they are planning maternity after a few years. Along with this, there has been a lot of awareness about mental health among the people, the regulator has also taken many good steps regarding mental health, in which now mental health will be treated like physical health. Mental health will also be covered.
KYC mandatory even while buying general insurance policyÂ
The biggest change coming in 2023 is that KYC will become mandatory even while buying a general insurance policy, although KYC is already mandatory for buying any life insurance policy. The biggest advantage of KYC is that if you buy health insurance, travel insurance, or two-wheeler insurance, then you will have to get KYC done, due to which the insurance company will be able to provide you better facilities.
Due to KYC, both the customer and the insurance company will always be in touch with each other, whether it is the time of claiming the policy or renewing the policy, due to this the whole process will become very smooth, due to which the problems faced by the customers will be very less. will decrease.
GST on health insurance expected to come down
Apart from this, 18 percent GST on health insurance is expected to be reduced from 18 percent to 12 percent after the upcoming budget. Also, many new products are expected to be launched under Use and File launched last year, such as Dental cover under which your dental related treatment will be covered, and Global cover for NRI people.
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Awareness about insurance should increase among people
Due to Corona, there has been a lot of awareness among the people about health insurance, although the seriousness among the people had reduced due to the decrease in the number of corona cases. But now once again the cases of corona are increasing rapidly in China, due to which people need to be more serious about health insurance. If we talk about Sum Insured, earlier it used to be very less, earlier it would have ranged from 2 Lakh to 3 Lakh, but in the coming times, people are going to choose a policy with more Sum Insured Value, which is available at a very low premium. .
