Health Insurance Regulations 2016 –customer friendly !

Health Insurance Regulations 2016 –

 3 changes you must know.

IRDA announced Health Insurance Regulations 2016 on 12th July, 2016. There are few positives to insured individuals to look for.
1. There are two types of health insurance policies. One is Indemnity Plans and another is Defined-Benefit Plans.
from now onward life insurance companies not allowed to float any medical insurance products. But they can continue offering defined benefit health insurance plans.

2. now onwards health insurance companies will offer credit linked group health insurance products.

The term of such products will be maximum of 5 years. Earlier the maximum tenure of such products used to be 1 year. Now it is increased to 5 years.

3. instead of buying a new plan it is best to go for portability. The advantage of portability is that all the benefits of the existing policy like accumulated bonuses, pre-exiting conditions and waiting period are carried forward to the new policy. However, policyholders are required to port their policy at least 45 days prior to the expiry date.