The Indian government plans to launch extensive reforms in insurance sector policy to protect consumers and increase insurance coverage rates. Among the recent changes in the insurance sector, the free-look period now extends for one year instead of one month. This new policy reform enables policyholders to review their insurance contracts for an entire year before deciding to cancel them if they believe the terms are unsatisfactory, thus preventing mis-selling.
Industry Update
The Insurance Regulatory and Development Authority of India (IRDAI) brought forth a major new rule to defend society's most experienced members. Senior citizens [aged 60 and above] now face a premium increase limitation of 10% per year in their health insurance coverage unless the insurer obtains regulatory approval.
Industry Update
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The cost of health insurance has continued to rise, forcing many policyholders to either opt for a cheaper policy or terminate the entire policy. In the latest industry statistics, it was found that 10 percent of the policyholders did not renew their health insurance this financial year due to high premium rates.
Industry Update
Dec 02, 2024
Health Insurance
Dec 02, 2024
Health Insurance
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