look news india
New Delhi: General insurance companies have sought extension from the regulator till December 2024 to comply with the revised master circular on health insurance policies. The Life Insurance Regulatory and Development Authority of India issued a 'master circular on health insurance policies' in June.
In this circular, general and health insurance companies were asked to prepare comprehensive policies for consumers that will cover all types of existing health conditions and pre-existing diseases and critical conditions.
The regulator also asked insurance companies to provide customer information sheets to customers. This is a document that will make the policy details clear and easy for the policyholder. These standards are proposed to be implemented from October 1, 2024.
However, the industry has sought to extend this date to December 2024 to comply with the norms related to consumer information leaflets. Insurance companies have also issued letters to the concerned authorities seeking help to strengthen their business in rural areas so that their important business functions can be completed in these areas.
An industry source said the industry has requested more time to change policies in accordance with the new circular as it would require necessary changes in the IT system.
