Health insurance policy guidelines set to change from October 1: Here’s how it will impact you

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In the case of delay in the payment of a claim, the insurer will be liable to pay interest to the policyholder.

Synopsis

New products (filed after October 1, 2019) launched by health insurers are already adhering to the new rules. Whereas for products that are already in the market, IRDAI has given the insurance companies a year (i.e., from October 1, 2019, till September 30, 2020) to comply.

Health insurance policies have received a much-needed makeover. Thanks to the new guidelines that will come into effect from October 1, 2020, all existing and new health insurance policies will become more standardised, simpler to understand, and cover more treatments and procedures. However, since the coverage will become more enhanced, do keep in mind that health insurance policies may become dearer.These new guidelines were issued by the

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