Good news! Thanks to the continuous efforts of social worker and activist Gaurang Damani and the Mumbai High Court,we are finally seeing good changes in Health Insurance.
In February, IRDA approved IRDA (Health Insurance) Regulations 2013. Following the regulations, the IRDA issued health insurance standardization guidelines to Insurance Companies and TPAs.
The regulations and the guidelines, straighten many grey areas, bringing in clarity amongst all stakeholders, reducing ambiguity and conflicts, increasing efficiency and effectiveness - most importantly, protect and promote consumer interest.
Let's understand how these impact us:
IRDA (Health Insurance) Regulations, 2013
- These regulations are applicable to all kinds of Health, Personal Accident and Travel Insurance products sold by any Insurance Company (Life or Non-Life) in India.
- They are applicable from 16th February 2013
- All products which do not comply with these regulations have to be withdrawn by 1st October 2013.