A cumulative bonus is a reward that your health insurer offers you for every year of no claims, which comes in the form of a hike in your original base sum assured.
Now, the Insurance Regulatory and Development Authority of India (IRDAI) has suggested changing the existing format of the customer information sheet. The new format of customer information sheet will ensure that policyholders receive all of the basic information regarding the coverage. If finalised, it will further help policyholders understand the complex terms and procedures related to their health insurance policies better, say experts. Let s take a look at the key changes in the proposed customer information sheet of health insurance policies.
The proposed revisions in health insurance policies’ customer information sheet (CIS) will provide policyholders a quick, handy guide at the time of hospitalisation and claims
Despite a directive from the insurance regulatory authority in 2019 that modern medical treatment be covered under insurance policies, medtech companies say they still face some obstacles in getting their technology covered under a few companies plans. Insurance consultants, who are helping facilitate the dialogue between medtech and insurance companies, told ET that this may be because of ambiguity in the wording of the directive from Insurance Regulatory and Development Authority of India (IRDAI).