According to the PolicyBazaar reports, soon the premiums on health insurance policies will be increased upto 25 percent depending on the isurance company and the features of the product.
Amit Chhabra the Head of the Health Insurance, PolicyBazaar said that in October last year, the IRDAI – Insurance Regulatory and Development Authority of India issued a set of guidelines for the health insurance companies on the proposition to make health insurance products more “customer-centric”.
IRDAI said that it is mandatory for all the insurance companies to follow the guidelines of it and implement the same in the health insurance products from October 2020.
The Amit Chhabra said that the “Insurers are using this time to revamp their products by adding new features and standardising products as per IRDAI guidelines and launch them within two-three months with a higher price.
According to IRDAI’s new guidelines, all the exclusions in a health insurance policy cover will be completely standardised in accordance with the policy terms and conditions. It said that any disease or ailment which is diagnosed by any physician 48 months before to taking the health policy will be classified as pre-existing diseases.
And also any condition whose symptoms resulted within three months of after taking the policy will also be classified under pre-existing diseases.
He also said that, some other important and major diseases are added to the list, which includes Alzheimer, Parkinson, AIDS/HIV and morbid obesity. The age-related ailments include cataract surgery and knee-cap replacements will also be covered.
The factory workers and other employees who work where the harmful chemicals are used, and which can impact health over a long-term period, cannot be refused respiratory or skin ailments arising as a result of workplace conditions. These conditions will also be included in the revamped health insurance policies.
And also the conditions like Mental illnesses and several other health issues will also be included in all the regular health insurance products.