IRDAI skipped mention of the 65-year entry age provision in its regulations effective April 1, but this does not mean it has eliminated any ‘cap’ that existed until March 31. Contrary to the chatter, some insurers are actually reducing the maximum entry age under their regular health policies. Senior citizens who are rejoicing should watch out for this googly.
April onwards, claims that you make five years after buying your health policies will become incontestable as your insurer cannot reject them citing non-disclosure of health conditions at the time of policy purchase.
In the case of cars being swept away due to torrential rains, you will have to file an FIR for loss of vehicle. Typically, the vehicles will be located after a few days. If not, this will be treated as a total loss and insurers will pay out the insured declared value (IDV) of the car. If it is located and the cost of repairs is more than 75 percent of the IDV, again, amount equal to the IDV will be paid out.
The regulator has asked companies to disclose the discounts they can offer on direct purchases since they involve no commission. Direct modes exist even now. All that IRDAI has now mandated is a bit more transparency. That doesn’t mean insurers are mandated to offer direct plans, unlike MFs