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PremiumThe Insurance Regulatory and Development Authority of India (IRDAI) released a new master circular on health insurance. According to this circular, insurers must decide on cashless authorisation within one hour of receiving a request.
This master circular replaces 55 earlier circulars and is aimed at empowering policyholders and strengthening inclusive health insurance, stated Irdai in a circular dated May 29
The circular consolidates information on policyholder entitlements in a health insurance policy for easy reference. It also highlights measures to provide policyholders with a smoother, faster, and hassle-free claims experience and ensure improved service standards across the health insurance sector.
“We are committed to aligning our health insurance offerings with the IRDAI's Master Circular on Health Insurance Business. Our goal is to provide policyholders with a wide range of products covering most medical conditions, including pre-existing diseases. We ensure equal treatment options across all lines of medicine, including Allopathy and AYUSH, and we strive to make 100% cashless services available," said Rakesh Jain, CEO of Reliance General Insurance.
"The new Master Circular requires insurers to process discharge authorizations within three hours, enhancing customer service and addressing a common grievance among policyholders," stated Manish Dodeja, Head of claims & Underwriting at Care Health Insurance. "Insurers are urged to strive for 100% cashless claims."
"The updated norms also encourage diversity in product offerings, catering to various demographics and medical needs. They allow policyholders with multiple policies to choose the policy under which to claim. Enhanced transparency is ensured by providing a Customer Information Sheet with each policy. Policyholders stand to benefit from No Claim Bonuses and have the flexibility to cancel policies at any time for a refund of the unexpired premium," Manish added.
- immediately process the request for claim settlement.
-get the mortal remains (dead body) released from the hospital immediately
The master circular aims to achieve 100% cashless claim settlement within a specific timeframe.
It proposes that cashless authorization requests be decided upon immediately, with a final decision made within three hours of the hospital's discharge request.
This initiative signifies a significant step in empowering policyholders, ensuring they receive top-quality care and service. It also promotes trust and transparency in the health insurance sector.
Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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