A notification to this effect was issued by the Department of Financial Services, Government of India, on April 1, 2020
The cases of coronavirus are increasing rapidly across the world with the count crossing 245,749 globally and 195 in India
The move is aimed at helping policyholders as the insured would pay less while getting better coverage
The costs of medical expenses will be settled in line with the terms and conditions of the policy contract
The exclusions are stiff. But since it is a cheap fixed-benefit plan, it can add to the health insurance kitty
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The regulator has also made it clear that in existing products where the cost of hospitalisation is covered, insurers have to make sure that cases related to coronavirus are dealt with expeditiously.
IRDAI has so far received 173 proposals, most of which incentivise wellness in the health insurance space through the use of apps and wearable devices
Non-life insurance companies will face a stiff competition from life insurers
Regulator aims to usher time-bound settlement of claims and eliminate disparity in charges among different for some common procedures
The regulator on Monday issued an exposure draft on guidelines on standardisation of general clauses in health insurance policies contracts
As affordability grows, port to a higher-end health cover or buy a top-up plan
Under the rating mechanism, insurers can charge on the basis of grades based on facilities like number of doctors or equipment in the hospital
The product will be named as Arogya Sanjeevani Policy, succeeded by the name of the insurance company
Irdai, in its order, clarified that neither the insurance broker nor the MISP can create such a panel of insurers for selling motor insurance policies
Surge defies economic slowdown and a pricing and insurance issues, as healthcare is seen as a necessity from consumer's perspective
Rating of hospitals would be an addition of this database, as will lead to more standardisation the health insurance segment
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Sum insured in health policies should be raised at key life stages and then every 3 years
Non-life companies feel that allowing life insurers to offer indemnity-based plans will increase competition further in the market