Customers to benefit from New Renewal Rules for Health Insurance Policies w.e.f June 1, 2009

Customers to benefit from New Renewal Rules for Health Insurance Policies w.e.f June 1, 2009

These rules as announced by IRDA are:

1. An insurer can’t deny renewal on any ground other than fraud.

2. The policy brochure will have to clearly state the terms and conditions of renewal

3. It will have to mention the age till which renewal will be allowed.

4. It will have to mention the circumstances under which and the extent to which premiums will change.

5. Insurers will have to intimate the policy holder about any change in premiums three months in advance and not at the time of renewal.

6. Renewals will be allowed up to 15 days from the due date.

Renewal Age :

The policy document will now mention the maximum age till which an insured person can renew a policy.

Premium Changes :

Though the insurers will reserve the right to alter the premiums, they would be able to do so only under certain conditions, like the policyholder having a poor track record or medical inflation.

Insurance regulator tells non-life insurers to mention renewal related details in health policy documents to ensure transparency.

Grace Period :

An insurer will have to renew policies up to 15 days from the actual date of renewal.

We will welcome service from Insurance Company where the customer can go to the website and look at renewal premium by feeding his policy number and password-may be his mobile number or date of birth.This will save lot of headache and early collection of premium by the Insurance Company.Let us see who starts this as a customer service.

For more details please visit http://www.healthinsuranceindia.org