New Delhi, September 26, 2019, Thursday
Consumers with health insurance can now pay a premium on a monthly basis. The Insurance Regulatory and Development Authority of India has recently changed its rules. This order will apply to health insurance as well as general insurance companies that sell such insurance. Recently IRDA has also announced circular on this.
As per the order, any customer who now takes general or after health insurance can pay the premium on a monthly, quarterly, monthly and yearly basis. At the same time, insurance companies will be able to amend the policy document. So that the insured can understand exactly about it. However, this will not change the terms and conditions of the policy coverage.
According to the notification, people over 65 will also be able to buy insurance. However, companies will have to get permission from IRDA for this. Companies can increase or decrease the premium amount by up to 15%. Irda said it would benefit policy holders, adding that if the company wishes, it can add serious illnesses to any of its policies that have not been previously registered. However, for that too he has to get approval. It will also change the premium amount.
Head of Bajaj Alliance on the circular announced by Irda says that the changes to the rules have been welcomed by Irda. This will increase insurance sales as well as increase transparency. This change will benefit both the company and the customer.
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