Health insurance premiums can be reduced if you don’t make a claim, policy cancellations to be less costly and more: 5 rule changes
Published by Economic Times
Abhishek Kumar's role: Quoted
Abhishek Kumar, founder of SahajMoney, explained the earlier refund scale for cancelling a health policy: 75%, 50% and 25% of the premium for cancelling within one, three or six months after the free-look period.
More of Abhishek's views on insurance
Economic Times looks at IRDAI's 2024 master circular on health insurance. It explains pro-rata refunds on cancellation with seven days' notice, the choice at renewal between a higher sum insured and a premium discount after a claim-free year, claims review committees that must approve any rejection, penalties for delayed ombudsman orders and details insurers must publish. Insurers had until 30 September 2024 to comply.
Publisher source
Health insurance premiums can be reduced if you don’t make a claim, policy cancellations to be less costly and more: 5 rule changes
