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Health Insurance New Rule: Insurance regulator IRDAI has recently made some major changes in health insurance policy, and now once again IRDAI has issued a master circular giving big relief to the policy holders. IRDA has changed the rules of grace period for health insurance. According to the new guidelines, the new grace period for premium payment has given an additional time of 15 days for monthly premium and 30 days for quarterly premium.
It is important to provide coverage even in the grey period
According to a report, the Insurance Regulatory and Development Authority of India (IRDAI) has issued a new master circular to make health insurance easier and better for policyholders. The points mentioned in this circular state that if the insurance premium is paid in installments on a monthly, quarterly, half-yearly and yearly basis, then health and general insurance companies are required to provide coverage during the grace period.
Benefits of Premium Payment Grace Period
Policyholders usually get a grace period to pay health insurance premiums, which is some extra time from the renewal due date. However, not all companies offer this facility. But talking about its benefits, if you are facing any unexpected problem then you have a chance to pay your health insurance premium within the grace period. The grace period is usually determined by the insurance company and the type of policy.
Earlier this was not mandatory for insurance companies
IRDAI has now fixed the grace period for premium payment. IRDAI has said that if the premium is paid in installments during the policy period, coverage will be available for the grace period as well. Apart from this, if the premium is paid through monthly installments, their grace period will be 15 days and for those who are eligible for quarterly, half-yearly or annual installments, the grace period will be 30 days. Let us tell you that earlier it was not mandatory for insurance companies to provide health insurance coverage during the grace period.
Changes in cashless claim settlement too
IRDAI has also made major changes in the cashless payment rules in health insurance.
1. In the new rule, by getting approval for cashless treatment within 1 hour, the policyholder can start treatment in the hospital as soon as possible.
2. The change in health insurance claims states that when insurance companies receive a request to discharge a patient from the hospital, the insurance companies have to approve it within 3 hours only. This means that the claim has to be settled or the bill has to be paid within 3 hours of the patient requesting discharge.