The Insurance Regulatory and Development Authority of India (IRDAI) made major changes in the regulatory norms for health insurance policies and issued a comprehensive Master Circular on Health Insurance Products repealing 55 circulars. IRDAI said that the insurer must grant final authorisation within three hours of receiving receipt of discharge request from the hospital. Health insurance: The IRDAI issued a comprehensive Master Circular on Health Insurance Products repealing 55 circulars.
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The insurance regulator has asked non-life and health insurance companies to decide on cashless requests in an hour and allow release of mortal remains from hospitals immediately. It has also directed them to provide policyholders an option to either pick higher sum insured or discount on renewal premium in cases where they are eligible for no-claim or cumulative bonuses.
Get latest articles and stories on Business at LatestLY. The Insurance Regulatory and Development Authority of India (IRDAI) has directed the insurance companies to settle the cashless claims within one hour of hospital admission and the claim settlement with three hours of hospital discharge. Business News | Cashless Claims Within an Hour and Discharge from Hospital in 3 Hours Says IRDAI's Master Circular.