Good News for Health Insurance | IRDAI's New Update | Cashless Facility within 3 Hours

🚨 Historic Circular for #HealthInsurance #finance #IRDAI
0:00 - Intro
0:39 - Free Lock-In Period
1:00 - Nominee Addition
1:16 - Grace Period
1:48 - Approval for Cashless Facility in 1 Hour
2:50 - Final Authorization in 3 Hours
3:47 - Ombudsman Awards
IRDAI has Issued a New Circular and It's Going To Benefit Crores of People in India
5 Important Takeaways 👇
Bookmark and Share for Awareness
1) Approval for Cashless facility:
Basically, now Insurance companies will have to ensure 100% Cashless Treatment (Claim Settlement)
Reimbursement only in exceptional circumstances
The same should be done within 1 hour of receipt of the request
2) Final authorization for Discharge from the hospital:
Insurance companies will have to grant final authorisation within 3 hours
Patients/Families shall not be made to wait. In case of any delay, the Insurer has to bear the cost and not the policyholder
3) Grace Period for Premium Payment
15 Days for Monthly Instalments
30 Days for Quarterly/Half Yearly/Yearly
So if you manage to renew within this timeframe, you’ll be protected
4) Lock-In Period
You’ve the option to cancel the policy within 30 days from under date of issuance if not satisfied with the product or terms and conditions
Extremely helpful for misselling related cases
5) Insurance companies are also advised to set the help desks at the Hospitals for the convenience of patients
There are many other important points and some fine prints
You may read the full circular at irdai.gov.in/circulars
(Master Circular on Health Insurance Business 29052024)
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