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IRDA issues new guidelines for health insurers

The IRDA said that insurers would have to provide cashless facility to policyholders undergoing treatment in a particular hospital even after it is removed from the list of preferred service providers

June 01, 2012 11:04 IST | India Infoline News Service
All health insurers will now have to provide health insurance to citizens up to the age of 65 and settle all claims in 30 days.
Under the new regulations, Insurance Regulatory and Development Authority (IRDA) has advocated that health insurers will have to provide an entry and exit age. They will have to provide an entry age of up to 65 years. The regulator also said that health insurance policies will not have an exit age for policy renewal. 
All policies will allow for treatment across India. Also, life insurers can offer products with a four-year term, while non-life insurers can offer products up to three years. The IRDA has asked all stakeholders to send in their feedback by 30th June.
In its draft guidelines, the IRDA said that insurers would have to provide cashless facility to policyholders undergoing treatment in a particular hospital even after it is removed from the list of preferred service providers. Travel insurance can be offered as standalone product. Also, policyholders will have an option to migrate to a suitable health insurance policy. Life and non-life insurers can launch ‘combi products’. 
These provisions form part of IRDA’s exposure draft on Insurance Regulatory and Development Authority (Health Insurance) Regulations 2012.

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