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Showing posts with the label IRDA

When buying Health Insurance Policies!!

Are you planning to buy Health Insurance Policies?     Health insurance sector has witnessed steep growth during the past few years in India. This has largely been contributed by the fact that people now understand the importance of health care and health insurance as medical treatment has gone expensive over the years. Another factor leading to growth of this factor is increase in disposable income of the people. The main aim of health insurance industry is not to sell and market health insurance policies but also provide timely and efficient claims during their requirement. Health insurance policy holders often complain about claims being denied by insurance company on perky grounds.   To a great extent, if the insured take care of certain points before buying any insurance policy can prevent the complaints to arise during the process of claim. With this view, the following points may be considered and taken care of at the time of buying the ...

Regulation on Health Insurance Policies

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Regulation on Health Insurance Policies Insurance Development and Regulatory Authority (IRDA) has framed regulations named Insurance Regulatory and Development Authority (Health Insurance) Regulation 2013. These regulations have become effective since 16 th February 2013 .  Salient points : a.         Life Insurance Companies may offer long term health products but the premium for such products shall remain unchanged for at least a period of every block of three years, thereafter the premium may be reviewed and modified as necessary. b.         Non-Life and Standalone Health insurance companies may offer individual health products with a minimum tenure of one year and a maximum tenure of three years, provided that the premium shall remain unchanged for the tenure. c.          Group Health Insurance Policies may be offered by any insurance company, provided tha...