Now free look period in health insurance policies too
IRDA has mandated insurers to provide free look period of 15 days
in health insurance policies having tenure of one year and
above
After life and general
insurance policies, IRDA has asked insurers to provide a free look period of 15
days in health insurance policies having tenure of a year or more.
IRDA has issued a notification in which it has amended IRDA’s Health Insurance Regulation, 2013 to introduce a
free look period in health insurance
policies. Free-look period allows policyholders to terminate their
insurance contract without paying any charges as penalty to their insurers.
However, IRDA has allowed
insurance companies to deduct expenses incurred on medical examination
and stamp duty during the free look in period. Also, in case a policy commences, the insurer
can deduct a certain amount which is proportionate to the risk premium for the
period on cover.
Apart from this, the insurance
regulator has instructed general insurers and standalone health insurers to
provide coverage to non-allopathic treatments
like Ayurveda, Homeopathic etc. However, policyholders should undergo treatment
in government recognized hospital to avail such coverage.
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