Health Insurance News: IRDA has proposed to abolish the maximum entry age for taking a health insurance policy. Insurance companies can offer health insurance for a period of up to five years.
The maximum age limit for taking health insurance may end in the new year. People will be able to buy health insurance even after the age of 65. The Insurance Regulatory and Development Authority of India (IRDA) has proposed to abolish the maximum entry age for taking a health insurance policy. Insurance companies can offer health insurance for a period of up to five years. Whereas, general insurance and standalone companies can offer policies for a maximum period of three years.
IRDA has advised life insurance companies to offer profit based policies. Under this, a fixed cost is provided in case of a disease covered under the policy. At the same time, compensation based policies that cover hospital expenses will be out of its scope.
The organization has asked to simplify the health insurance renewal process. Companies were suggested to avoid health checkup of the policyholder if there is no change in time or amount insured during policy renewal. This will improve the experience of policy renewal. IRDAI has asked insurance companies to ensure that policyholders get permission to make multiple claims from different insurers. This will provide many options to the insurance taker.
The condition of being admitted for 24 hours is also likely to be abolished: Health insurance holders are likely to get a big relief. To get the benefit of insurance, the condition of keeping the patient admitted in the hospital for 24 hours can be done very soon. The government is considering changing this rule. For this, talks have also been started with the insurance sector regulator Insurance Regulatory and Development Authority (IRDA).
Punjab and Kerala Court had reprimanded the companies: It is noteworthy that the District Consumer Court of Punjab and Kerala had given a historic verdict regarding health insurance claim in August this year. The court had reprimanded the health insurance companies on the condition of 24-hour hospitalization and had ordered to give health insurance benefits to the admitted patient.
