Your insurer can soon tweak your health policy, but only if you benefit

Irdai to allow 12 minor changes including expansion of critical illness and day care procedure lists, premium payment in instalments

The Insurance Regulatory and Development Authority of India (Irdai) would soon start approving ‘minor’ changes to products quicker if it benefits the policyholders. The insurance regulator has proposed a list of 12 ‘minor’ changes for which insurer can apply for quicker approval.

If an insurer, for example, wants to give an option to policyholders to pay the health insurance premium in instalments, it doesn’t need to go through the lengthy procedure of seeking the nod from the regulator. Similarly, insurers would be able to add more riders, change sum assured, expand the list of day care procedures, add more critical