- Changes by IRDAI
- How these changes are better?
- Before and after the changes
New IRDAI Rules in 2024 to Make Insurance More Customer-Friendly
The Insurance Regulatory and Development Authority of India (IRDAI) has introduced some new regulations in 2024 to make health insurance policies more customer-centric and easier to navigate. Before we get into the rules do you know about IRDAI?
Let me tell you,
IRDAI or the Insurance Regulatory and Development Authority of India is the regulating body for the insurance sector. It is a statutory body that has been set up to protect the interests of the policyholders and ensure the growth of the insurance industry in India.
We have compiled the latest Rules IRDAI regulations in this article, scroll down to learn more.
Bottom Line
These steps taken by IRDAI are to make health insurance more customer-friendly, inclusive and transparent. From reducing cancellation charges to making claims easier, IRDAI has made health insurance more efficient. The most evolutionary change is the cancellation policy. We hope that these changes will help to gain a larger customer base for health insurance.
To know about the latest Rules in health insurance. You can visit us or call us at our toll-free number.
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Latest Rules By IRDAI in 2024: FAQ
1. Can I cancel my health insurance policy anytime?
Yes, as per the new rule by IRDAI, you can cancel your health insurance policy by giving a 7-day written notice to your insurer.
2. What is CRC in health insurance?
The CRC stands for Claim Review Committee, which is a three-member group, as mandated by IRDAI. Their main role will be to review the claim and make the decision.
3. What is the free look period for cancellation of policy?
A window in which policyholder can cancel their policy without paying any surrender charges.
4. Is there any waiting period before I can avail of benefits under the new IRDAI rule?
The waiting period will be the same as before. It depends on the policy to policy.
5. What happens if I claim within the first year of my policy?
If you claim within the first year of the policy, it might affect your eligibility for the cumulative bonus or discount on premium in the subsequent years. This is because these benefits are mostly rewarded for claim-free years.
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Written By: Simran Saxena
An explorer and a curious person, Simran has worked in the field of insurance for more than 3 years. Travelling and writing are her only passion and hobby. Her main agenda is to transform insurance information into a piece that is easy to understand and seamlessly solves the reader’s query.
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