Health Insurance Got A Makeover! 6 Claim-Related Changes You Won’t Believe.

Earlier, making a claim for health insurance was very difficult, there was a lot of paperwork and running around the agents, to get the claim. However recent changes by IRDAI are making the process more user-friendly. They have implemented new health insurance claim rules that help improve transparency and efficiency in the claim settlement process.?

Here are 6 important claim-related rule changes that every policyholder should know:

1. Faster claim settlement: Now the insurers are required to settle the claim within 3 hours of claim initiation. For this, a help desk will be arranged in the hospital where you can go and get assistance for the cashless requests. This step will significantly reduce the waiting time and ease the financial burden during a medical emergency.
2. Transparent claim process: No longer the insurance companies will reject the claim based on document submission. The basic documents will be submitted during the underwriting process, and later during the claim, only a copy of the doctor’s prescription is required which will also be collected by the insurer.
3. Cancel your policy without hesitation: Now you can cancel your policy anytime, just by informing the insurer. And the refund of the premium for the remaining policy will be transferred to you even if there was no claim. This way you can switch policies if required.
4. Reduced cancellation charges: Earlier, if you go for cancelling the policy, there are high charges that you need to pay. But now with the new IRDAI rule, the charges are significantly low.?
5. Better way of no-claim bonus: The no-claim bonus will now be the discount on the premium for you. Meaning, your premiums will now be lower if you do not apply for a claim during the policy year. This way, you can get a clear understanding of how much discount you will be getting at the end of the year.
6. Port your policy while keeping your no-claim bonus intact: You can switch your health insurance providers easily while keeping your accumulated benefits intact. This will allow you to explore better plans without losing your valuable earned benefits.

Bottom Line

These changes by IRDAI are a positive step towards making health insurance more customer-friendly and ensuring a smoother claims process. Keeping in mind the public grievances, IRDAI has made a vision on its Silver Jubilee of “Insurance for all by 2047”. However, it is always wise to carefully review your policy documents and understand the specific terms and conditions set by your insurer.

To know more about the latest update regarding IRDAI follow Policyx.com