IRDA New Rule: Insurance Cashless Treatment Decision Within an Hour
IRDA Cancels 55 Separate Letters and Issues Master Circular on Health Insurance
The Insurance Regulatory and Development Authority (IRDA) has revoked 55 separate letters issued on Wednesday and issued a master circular. Now, after discharge from the hospital, there will be no need to wait longer for health insurance claim settlement. Claims will be cleared within an hour. If there is a delay of more than three hours, the insurance company will have to recover the increased amount from the policyholder’s premium. IRDA has stated that the master circular is a crucial step towards strengthening the position of insurance policyholders. The circular has been implemented with immediate effect. The new plan will be applicable from now on. Companies have been given time until September 30 to implement this policy.
Insurance companies will also strive for 100% cashless claim settlement in non-network hospitals. Reimbursement can be settled at a minimum level through reimbursement. A decision will have to be made within an hour after receiving the cashless request from the policyholder.
Free Look cancellation deadline reduced from 30 days to 15 days
The moratorium period has been reduced from 8 years to 5 years. If no claim is proved for continuous coverage of 60 months, there will be no dispute over health policy and claims. The waiting period for pre-existing diseases will remain 3 years.
Insurance refund facility will be available, there will be two options
Insurance holders can cancel the policy at any time during the policy period by giving written notice of 7 days, and the policy can be canceled at any time during the policy period.
