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The new Generation Health Insurance Policies

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The new Generation Health Insurance Policies

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  1. Medical Insurance

  2. The new Generation Health Insurance Policies

  3. The health insurance industry has been undergoing a metamorphosis for a while now and with the recent changes by IRDA or the Insurance Regulatory and Development Authority of India in the functioning of health insurance policies, it is aimed more towards the benefit of the insured. • It is in fact aimed towards streamlining procedures and regulating policy norms so as to create a customer friendly win-win situation for both the insurer and the insured so that there is no conflict of interest. • A very significant change in the evolution of medical Insurance in India was brought about in October 2013, with the introduction of the Guaranteed Renewability of Health Insurance Policies in India for life with continuity benefits.

  4. Now, this was a welcome move for the insurers’ point of view as well, because continuous renewals only guaranteed renewability of the policy for life which meant a longer flow of insurance premium as well. • Until the implementation of the changes in October 2013, medical insurance where stringent about policy renewal. • First, policy renewals depended on the claims made in the previous policy year. Insurers maintained a claim based loading when policies where renewed. • Such a practice made policies getting tighter on the pocket, and thereby many policy holders, failed to get adequate cover.

  5. Minimum entry age: 3-5 years Maximum entry age: Anyone up to the age of 65 years can buy a health insurance product. Maximum age of renewability: Lifelong Continuous Cover: Where earlier renewals were permitted only till the age of 65-70 years, with a lifelong renewability option you could now be ensured of continuous health coverage, with no ceasing age. Thus, as a policy holder you wouldn’t be left at any point in the lurch, without health protection. [Source: http://www.policybazaar.com/health-insurance/general-info/articles/the-new-generation-health-insurance-policies-with-guaranteed-renewability-for-life-benefit/]

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  7. To know more on Medical Insurance: https://www.bajajallianz.com/Corp/health-insurance/health-insurance.jsp Thank You….

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