Know Major Health Insurance Cover Changes Effective April 1
Mumbai: Your health insurance company cannot reject your claim on the ground that you did not disclose pre-existing diseases, or misrepresented your health information incase you have paid premium continuously for a period of five years according to the revised IRDAI (Insurance Product) Regulations 2024 that have kicked in from April 1. All health insurance policies will now have to offer a moratorium of 5 years of continuous coverage including portability and migration. In the earlier regulations, the moratorium was of eight years. Similarly, the waiting period to cover your pre-existing diseases such as diabetes, hypertension etc has been cut down to three years from four years. This means, your insurer will pay your hospitalisation claim for your pre-existing diseases if you have paid premiums continuously for three years. In addition, the regulator has also abolished the maximum entry age restriction of 65 years to buy health insurance.
The Insurance Regulatory and Development Authority ofIndia (IRDAI) has asked insurers to design products specifically for senior citizens, students, children and pregnant women. They will also have to create a separate channel to address the claims and grievances of senior citizens. The new norms allow insurers to offer premium payment in instalments for the convenience of policyholders. Treatments under systems like Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy will receive coverage up to the sum insured without any cap. Policyholders with benefit-based policies can file multiple claims with various insurers, enhancing flexibility and
options, state the new regulations.
