Latest Updates By IRDAI in 2024
  • Changes by IRDAI
  • How these changes are better?
  • Before and after the changes
Latest Updates By IRDAI in 2024
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New IRDAI Rules in 2024 to Make Insurance More Customer-Friendly

The Insurance Regulatory and Development Authority of India (IRDAI) has introduced some new regulations in 2024 to make health insurance policies more customer-centric and easier to navigate. Before we get into the rules do you know about IRDAI?

Let me tell you,

IRDAI or the Insurance Regulatory and Development Authority of India is the regulating body for the insurance sector. It is a statutory body that has been set up to protect the interests of the policyholders and ensure the growth of the insurance industry in India.

We have compiled the latest updated IRDAI regulations in this article, scroll down to learn more.

  1. Cancel the policy anytime and get a higher refund

  2. Before the IRDAI Rule

    • If you cancel your policy after the free look period, then you will not get any money back.

    Now

    • You can cancel your policy anytime, just by giving 7 days prior notice in writing to your insurer.
  3. Option to reduce insurance premiums

  4. Now, the no-claim bonus has been changed. Now you will get a cumulative bonus and discount on the premium. Let me show you how:

    • Cumulative bonus

      Increased sum insured without changing premium.
    • Discount on premium

      As the name suggests, the premiums will be reduced.

    Before the new rule

    • If you do not opt for a claim for the tenure then you will get a no-claim bonus.

    Now

    • If you do not opt for a claim for the tenure then you will get either a cumulative bonus in the form of an increased sum insured or a discount on premiums. You can choose one between both of them.
  5. No rejection of health insurance claim

  6. The insurance companies have to set up a three-member committee named the Claim Review Committee(CRC), which can review all the claims.

    On this, IRDAI says, "In case the claim is repudiated or disallowed partially, details shall be conveyed to the claimant along with full details referencing the specific terms and conditions of the policy document."

    Earlier

    • Based on so many clauses the insurer used to reject the claim. This was a pain point and people used to avoid health insurance.

    Now

    • No claim will be rejected without the approval of CRC. Also, the insurer and TPAs will collect the required documents from the hospital. So yeah, now the policyholder does not have to be burdened with submitting the documents.

    FYI- A higher penalty will be charged if the insurance company does not comply with the Ombudsman Order.

  7. Need to display key details on the website

  8. To help and assist the consumers, IRDAI has made it compulsory for insurers to display some information on their websites, which are:

    • The name and details of cashless hospitals and healthcare service providers.
    • Details of the common network of hospitals.
    • All the information for policyholders related to claim reimbursement when using non-empanelled hospitals.
    • Claim settlement procedure.
    • List of available and withdrawn products.

    Earlier

    • You need to search a lot to know any information related to claim settlement, and network hospitals. In some cases, you need to call the company to know about these details.

    Now

    • Everything will be available on the website.

Bottom Line

These steps taken by IRDAI are to make health insurance more customer-friendly, inclusive and transparent. From reducing cancellation charges to making claims easier, IRDAI has made health insurance more efficient. The most evolutionary change is the cancellation policy. We hope that these changes will help to gain a larger customer base for health insurance.

To know about the latest updates in health insurance. You can visit us or call us at our toll-free number.

Latest Updates By IRDAI in 2024: FAQ's

1. Can I cancel my health insurance policy anytime?

Yes, as per the new rule by IRDAI, you can cancel your health insurance policy by giving a 7-day written notice to your insurer.

2. What is CRC in health insurance?

The CRC stands for Claim Review Committee, which is a three-member group, as mandated by IRDAI. Their main role will be to review the claim and make the decision.

3. What is the free look period for cancellation of policy?

A window in which policyholder can cancel their policy without paying any surrender charges.

4. Is there any waiting period before I can avail of benefits under the new IRDAI rule?

The waiting period will be the same as before. It depends on the policy to policy.

5. What happens if I claim within the first year of my policy?

If you claim within the first year of the policy, it might affect your eligibility for the cumulative bonus or discount on premium in the subsequent years. This is because these benefits are mostly rewarded for claim-free years.

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Simran Saxena

Written By: Simran Saxena

An explorer and a curious person, Simran has worked in the field of insurance for more than 3 years. Traveling and writing is her only passion and hobby. Her main agenda is to transform insurance information into a piece that is easy to understand and solves the reader’s query seamlessly.