IRADAI has Issued a New Circular and Its Going To Benefit Crores of People in India. 5 Important Takeaways

 Historic Circular for Health Insurance. IRADAI has Issued a New Circular and Its Going To Benefit Crores of People in India. 5 Important Takeaways .IRDAI released a master circular today.Most of the changes are applicable from immediate effect - unless there is a specific target date mentioned for the change.

1.Approval for Cashless facility:

Basically now Insurance companies will have to ensure 100% Cashless Treatment (Claim Settlement) Reimbursement only in exceptional circumstances And The same should be done within 1 hours of receipt of the request.

 2) Final authorization for Discharge from the hospital: Insurance companies will have to grant final authorisation within 3 hours Patients/Family shall not be made to wait. In case of any delay, Insurer has to bear the cost and not the policyholder Point (c) is Important.

 3) Grace Period for Premium Payment 15 Days for Monthly Instalments 30 Days for Quarterly/Half Yearly/Yearly So if you manage to renew within this timeframe, you’ll be protected.

4) Lock-In Period You’ve an option to cancel the policy within 30 days from under date of issuance if not satisfied with product or terms and conditions Extremely helpful for misselling related cases.

 5) Insurance companies are also advised to setup the help desk at the Hospitals for the convenience of patients There are many other important points and some fine prints.