New guidelines set by insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) for medical insurance providers are set to come into force from October 1. The changes are aimed at making health insurance plans broader – covering more treatments – and more simplified. The new rules come at a time when the continuous spread of coronavirus pandemic has led to the worst contraction in the country’s GDP or gross domestic product on record. What are these changes in health insurance, and how do they impact you?
Here are some of the key changes in health insurance that will come into effect from October 1, 2020:
Decision On A Claim Within 30 Days
According to the new guidelines, released by IRDAI in June, insurance companies will be required to either settle or reject a claim not more than 30