Insurance Rule Update: IRDAI Empowers Policyholders with New Rights, Prevents Arbitrary Actions by Companies

Insurance Rule Update: IRDAI issues a master circular to protect policyholders’ rights, ensuring companies cannot act arbitrarily. Learn about your rights, including physical policy copies, partial withdrawals, cashless claims, and more. IRDAI told policyholders their rights, now companies will not be able to act arbitrarily.

Many rules are issued by the insurance regulator IRDAI to make insurance holders comfortable. Now IRDAI has issued a master circular for policyholders. In this circular, the regulator has told policyholders about their rights.

If you also have life insurance or health insurance, then you should know about your rights so that no insurance company can act arbitrarily. We will tell you about the rights of policyholders in this article.

Insurance Rule Update: Physical copy

If you get insurance online, then you get all the information online. But, if you want to take a physical copy of the insurance, then you can also take that easily. The company will not refuse this. Yes, many times the policyholder feels that if he has taken the policy online, then he cannot take the copy in physical format. However, this is not true. If the policyholder asks for a copy in physical format, the insurance company will provide it to him. However, the policyholder will have to inform about it in the proposal form that he wants a copy of the insurance in physical format as well.

Insurance Rule Update: Partial withdrawal within 7 days

Many times the insurance company says that partial withdrawal takes a lot of time. Whereas it is not so. According to the rules of IRDAI, if the customer wants to make a partial withdrawal, then the insurance company gets only 7 business days for this work. If it takes more than 7 days, then the company will have to tell the customer why there is a delay in partial withdrawal.

Apart from this, as soon as the company accepts the proposal form, it has only 15 days to issue the policy. The company can never take the initial premium with the proposal form. The company can take the premium from the policyholder only after the policy is issued.

The company will have to give some documents to the customer after the policy is issued. It is the responsibility of the insurance company to provide the policyholder with a cover letter, a copy of the proposal form, a copy of the benefit illustration, and CIS i.e. customer information sheet after the policy is issued.

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You can return the policy

IRDA said that the policyholder has a free look period of 30 days. This means that if a policyholder took a policy but later did not like it, he can return it within 30 days.

The cashless claim will be done in 1 hour

A cashless claim facility is available in health insurance. Earlier, the policyholder had to wait for a cashless claim. But, now it is not so. If the policyholder has made a cashless claim, then its decision should be made within 1 hour of the claim. If the hospital is discharging, then the final authorization should be done within 3 hours. If there is a delay in the final authorization, then the additional expenses of the hospital will be borne by the insurance company.

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The policy will be updated automatically

If the policyholder has multiple policies and he claims one policy. But if the coverage of that policy falls short, then the second policy will be activated automatically. Understand it like this, if you have a policy of Rs 1 lakh and Rs 2 lakh. You have claimed Rs 1.5 lakh from a policy of Rs 1 lakh, then because the coverage of the first policy is less, the second policy will be updated automatically. That is, the policy of Rs 1 lakh will give a benefit of Rs 1 lakh and the second policy will give a benefit of Rs 50,000.