WE WELCOME THE TOTALLY REVAMPED AND COMPREHENSIVE MASTER CIRCULAR OF IRDAI ON HEALTH INSURANCE POLICIES: DATED 29-05-2024

WE WELCOME THE TOTALLY REVAMPED AND COMPREHENSIVE MASTER CIRCULAR OF IRDAI ON HEALTH INSURANCE POLICIES: DATED 29-05-2024

( The efforts of IRDAI and Government of India in this matter is well Appreciated ) 

Dear Readers,
This information is being given in your own benefit and it is in the benefit of the common people of India:

IRDAI ( Insurance Regulatory and Development Authority of India ) has issued a Comprehensive Master Circular dated 29-05-2024 totally revamping the Health Insurance Policy Guidelines, that are a lot in the Benefit of the Policy Holders and Common People of India.

Some of the Important and Major Decisions in this Master Circular are:
1.     Giving a Simple Information Sheet to the Policy Holder
2.     Cashless Hospitalization Approval within 1-hour from receipt of request.
3.     Approval of Cashless Hospitalization Claim at the time of Discharge from hospital within 3-hours from receipt of request.
4.     The Policy Holder can cancel the Policy and get refund of premium for the unused period of coverage, if no claim has been filed.
5.     In case of No-Claim during policy coverage, the Policy Holder can have option of reducing the Premium by No-Claim Bonus or Enhancing the Sum-Insured by No-Claim Bonus.
6.     The Claim of the Policy Holder can  not be refused unless examined by a Committee formed within the Insurer.
7.      The Award of Insurance Ombudsman, in case of complaint, have to be complied by the Insurer within 30days, otherwise Rs. 5000/- penalty per day has to be paid to the Policy Holder
8.      The Policy Product has to be available for all age groups, no age bar. 

We definitely welcome this Comprehensive Master Circular of IRDAI in the interest of the Policy Holders and Common People of India.

The said circular and its annexure released by IRDAI in its website only yesterday, 29-05-2024, the circular with annexure is about 2MB Size, hence I am not posting with this post here. However, you can locate it very easily in IRDAI Website and read for your own benefit, it is right at the top.

I am giving a link to the The Hindu Business Line News report below, if you would like to read as a News Capsule:

IRDAI revamps health insurance norms; widening choices, improving affordability for policyholders


Please read this Post and also please locate the Master Circular in IRDAI Website, locatable very easily in IRDAI website, it is right at the top now, for your own benefit and also for your benefit that you are not cheated by anybody in future on your Health Insurance Subject. 
The Effort of IRDAI and Government of India in this respect is well Appreciated and Recognized. 

With Best regards,
Dr. Nimain Charan Biswal,
Mumbai, India


About the Author: Dr. Nimain Charan Biswal is a B.Sc.(Agri. Science and Technology), M.B.A. and Ph.D.(Management Area ) by qualifications; and he has 38+ years of work experience in both industrial and development sectors in diversified fields of social importance. He has been educated at Orissa University of Agriculture and Technology (OUAT)-Bhubaneswar, Institute of Rural Management Anand (IRMA) and Gujarat University (with Resource Support of IIM-Ahmedabad). He is further educated at IIM-Calcutta, XLRI-Jamshedpur, Apple Computer Industries and Spar Inc., USA. He has worked for reputed National and International Organizations in Senior/Top Management Capacities at Board level as well as Managing Director and CEO. He is a management expert covering extensive areas from management in industrial sectors, management in agriculture and dairy, development management to management of public systems. He is a prominent professional of India and known Internationally as well. He lives at Mumbai in India.

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