Health Insurance: There is big news for those buying health insurance. Insurance regulator IRDAI has asked all general insurance companies to include AYUSH treatment in their policies. It includes methods like homeopathy, yoga and Ayurveda.
A big change is about to come in the insurance sector. Insurance regulator IRDAI has asked all insurance companies to include treatments like Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homeopathy (AYUSH) in the policy. This will increase the popularity of the insurance policy and more people will be able to benefit from it.
IRDA has said that general insurance companies should also include AYUSH treatment in their policies. For this, companies will present proper guidelines after taking approval from their board. The insurance regulator has said that all general insurance companies will have to prepare the guidelines by April 1, 2024 and it will also become effective from the new financial year.
What did IRDA say to the companies?
The insurance regulator has said that companies should emphasize on quality and standards in the guidelines. Also, arrangements should be made for cashless treatment in AYUSH hospitals. AYUSH treatment has become quite popular in the last few years. Therefore, insurance companies should treat AYUSH treatment like other methods of treatment.
Companies should change the product
IRDA has asked insurance companies to make changes in their product and re-release it to the general public. By removing the insurance policies in which restrictions have been imposed regarding AYUSH treatment, accept claims on such treatment also. It is noteworthy that just a few days ago, the General Insurance Council has asked the insurance companies to provide cashless treatment facility even in those hospitals which are not included in their list. Reissue existing policies also under the revised guidelines.
