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Only new health insurance policies except those with a tenure of less than a year will have a free look period. Insurance Regulatory and Development Authority (Irda) today made these changes, in its modifications to its health insurance regulations that come into effect from next month. Earlier, all health insurance policies were to have a free look period.
Further, Irda said that cumulative bonus that is not allowed on benefit based policies, will now have an exemption in personal accident covers. The concept works on the same lines as the no-claim bonus on your car insurance.
Policyholders who haven’t made any claim in a year, can use the bonus to their benefit the following year. Companies could either offer an increase in the sum insured or discount on the premium payable, or a combination of both.
Insurers, under the new guideline, were allowed to provide coverage to non-allopathic treatments provided the treatment was undergone in a government hospital or in any institute recognised by government and/or accredited by Quality Council of India/National Accreditation Board on Health or other suitable institutions.
Now Irda said that they can provide coverage to non-allopathic treatments, only if the treatment was undergone in a government hospital or in any institute recognised by government and/or accredited by Quality Council of India/National Accreditation Board on Health.
