Business Standard

Can't deny health claims for policies beyond 8 years, says Irdai

Non-disclosure not a valid ground after moratorium period

Opting for EMI on health insurance premiums? You may end up paying more
Premium

Health insurance claims usually flow in long after the policy commences

Subrata Panda Mumbai
The Insurance Regulatory and Development Authority of India (Irdai) has ruled that health insurers cannot contest claims by clients who have persisted with their policies for eight years in a row, citing non-disclosure.
 
In such cases, insurers cannot reject claims on grounds of misrepresentations that could have been made in disclosures during commencement of the policy.
 
This is among 17 clauses that Irdai has asked insurers to standardise in new health products from October 1, 2020, and in existing policies from April 1, 2021. The period of eight years — for which the client has continuously renewed their policy —

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jun 16 2020 | 11:56 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com