New Delhi: All health insurance companies will now have to provide health insurance to citizens upto the age of 65 and settle all claims within a month.
According to the new regulations by the Insurance Regulatory and Development Authority (IRDA), there will be no exit age for policy renewals and all policies will allow for treatment across India.
Also, life insurers can offer products with a four-year term while non-life companies can offer up to three years. The IRDA has asked all stakeholders to send in their feedback by June 30.
In its draft guidelines, the IRDA said that insurers would have to provide cashless facility to policyholders undergoing treatment in a particular hospital even after it is removed from the list of preferred service providers.
These provisions form part of IRDA's exposure draft on Insurance Regulatory and Development Authority (Health Insurance) Regulations 2012.
With Additional Inputs from PTI
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