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Insurers to now send regular notifications regarding your health insurance policy

Insurers to now send regular notifications regarding your health insurance policy

You will soon get regular updates and periodical notifications about the important details regarding your policy from the insurance company.

To ensure continuity in the relationship with policyholders and information flow, the insurance regulator IRDAI has asked insurers to periodically notify the policyholders certain relevant and key details relating to health insurance coverage available to the policyholders.

IRDAI has asked the insurers to initiate the process at the earliest and not later than 1st June 2021.

All the general and health insurers as part of policy servicing, shall communicate the following basic information about the health insurance policy to the policyholders:

a.    Name of Product and policy number,

b.    Extent of coverage available by way of available Sum Insured and Cumulative Bonus,

c.    Number of insured people covered under policy,

d.    Policy period,

e.    Number and amount of claim settled (under relevant period), if any,

f.     Balance Sum Insured and Accrued cumulative bonus available, if any,

g.    Due date of renewal and premium payment frequency,

h.    Premium amount due on renewal (to be specified at the time of renewal)

i.      Grace Period (within 5 days after renewal due date)

j.      Contact details (for any query or other issues) of customer support service of Insurer, Toll Free No. or e-mail Id etc.

Also Read: How to choose between Floater and Non-Floater Health Policy

This information will be communicated by insurers to all the policyholders twice in a year – six months after issuance of the policy and at least one month prior to the renewal due date. However, in case of a multiyear policy, the information can be shared with a frequency of 6 months from the date of issuance of policy.

Additionally, in the event settlement of any claim under a health insurance policy, the insurer will communicate the details of balance sum insured along with the cumulative bonus available, if any, to the policyholder. This will be notified to the policyholders within 15 days of settlement of claim. Insurer will choose any mode of communication (message, e-mail, letter etc).

Also Read: How to make the most of your employer health insurance policy

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