IRDAI Asks Health Insurance Companies to Regularly Notify Insured Individuals
Published On Mar 03, 2021 12:00 AM By Kanika Wadhwa
The insurance Regulatory and Development Authority of India (IRDAI) has directed specific norms that need to be followed by the insurance company to ensure the flow of pertinent information to the insured.
All the policyholders of health insurance plans will now receive periodical updates and regular notifications regarding their insurance plans from their respective insurance companies. The insurance companies have been asked by the Insurance Regulatory and Development Authority of India (IRDAI) to start the process as soon as possible and not later than 1st June 2021.
For the purpose of sending notifications to the policyholders, the insurance company can select any means of communication like email, message, letter, etc. Therefore, ensure that your e-mail id is updated in the records of your insurance company. These norms need to be followed by every person (both benefit and indemnity-based) health insurance policies.
The communication of information by the insurance company to all the insured individuals will take place twice a year i.e. after 6 months of policy issuance and a month before the renewal date. However, if it is a multi-year health insurance policy, the notification can be sent to the policyholder every 6 months after the issuance of an insurance policy.
Apart from the above, during the claim settlement under the health insurance plan, the information regarding the balance sum insured alongside any available cumulative bonus will be communicated by the insurance company to the policyholder. Information regarding this will get notified to the policyholder within 15 days of claim settlement.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.