IRDAI has introduced many significant changes in the health insurance sector; now, settlement will be done within three hours of receiving the bill

The Insurance Regulatory and Development Authority of India has introduced some big changes in the health insurance sector. These new changes include speeding up the decision on the request for cashless treatment, reducing policy cancellation charges, and making the renewal process easier. In this article, we are going to give information about these changes in the health insurance sector -

Under new changes, insurance companies cannot refuse to renew any policy. Similarly, underwriting will not be permitted except when a policyholder seeks an increase in the sum assured by firms.

Under the new changes, companies will now have to decide on the request for cashless treatment within 1 hour. Earlier, every insurance company used to adopt a different method to handle such claims. The time limit of the companies to handle such claims was also different.

Now, under the changed norms, the insurance company will have to do a cashless settlement within 3 hours of the receipt of the bill. If there is more delay than this, then the company will also have to take responsibility for paying the extra amount charged by the hospital.

Now, with the new changes in place, policyholders can cancel health insurance by giving 7 days' notice to the insurance company. Part of the premium for the remaining period of the policy will be refunded to the buyer by the company in case no claim has been made earlier. Earlier, cancellation charges were very high due to which closing the policy used to be loss loss-making deal.

Now after 60 months of coverage, the company will not be able to reject the claim arbitrarily like before. According to the new rules, to reject the claim after this period, the company will have to prove that the customer has committed fraud.