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Renewal of Health Insurance
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08 Jun, 2021
by santosh marballi
My insurance company has given 2 options for renewal 1 with old policy and another with new policy with upgrade. In second option the premium is increased by 3000. When I asked what is the difference I am told that there is no difference and I can go for old policy if I want now but from next year new policy will be implemented and premium will be increased.
I want to understand if there is any guideline like this for renewal from April 2021.
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08 Jun, 2021
Self Employed - Digital Consultant
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08 Jun, 2021
santosh marballi
Thanks Asad for your quick reply.
So what will be the implications if by pay old premium and select old policy instead of the new increased premium.
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09 Jun, 2021
Self Employed - Digital Consultant
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That's correct, Santosh. IRDAI had brought in guidelines on standardization of several terms & clauses in Health Insurance mid last year. All General & Health Insurers were required to comply with these guidelines by Oct 1 2020 w.r.t new products & by April 1 2021 w.r.t renewal of their existing products. IRDAI also allowed Insurers to revise their premiums (after due approval of IRDAI) in line with their underwriting assessment of increased costs.
You can access the guidelines on IRDAI website www.irdai.gov.in
Best Wishes,
Asad Akbar