Renewal of Health Insurance
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.
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