IRDA extends deadline for new norms for group plans

India Infoline News Service | Mumbai |

Individual health insurance plans which are not based on new norms should not be sold from October 1

The Insurance Regulatory and Development Authority (IRDA) has extended the deadline for implementing new norms for group products in health insurance till September 30, 2013.

Earlier, the insurers were supposed to withdraw all the existing group products in health insurance by June 30, 2013. They should not be sold from July 1, 2013 onwards.

Also, individual health insurance plans which are not based on new norms should not be sold from October 1.

According to IRDA, the deadline for groups plans has now been extended till October due to the difficulties faced by insurers with regard to the time-frame keeping in view the interests of the policyholders.

There was, however, no change in the deadline deferment for individual products.

 

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