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Royal Sundaram iTalk

insurance blog from Royal Sundaram


With medical costs rising at an alarming rate, availing a health insurance policy has become an essential part of personal financing. Having said this, let’s understand the fact that a good health insurance policy provides access to better healthcare facilities for you and your loved ones.

While it offers a safety net to your loved ones against medical emergencies, it also helps in limiting tax deductions. To encourage several individuals to buy a health cover, IRDAI/insurance regulatory and development authority of India has introduced a set of reformed guidelines related to purchase and possession of health insurance policy. The main purpose is to make the process, from buying to making a claim, one step easier.

Here is the list of things that you should know about the new health insurance regulations.

  • To make health insurance plans favourable, life insurers will not be allowed to offer indemnity products such as mediclaim policies. Thus, it is advisable to choose a health insurance plan over a mediclaim rider coming with a life insurance plan.
  • Insurers are allowed to launch pilot products that offer added protection to policy holders. However, these products can only be launched for a period of 5 years. If they are found feasible, then they may be launched as regular health insurance products.
  • Loan/credit linked health insurance policy i.e. a policy that covers your loan can now be availed for a period of five years. Earlier, insurance companies were allowed to offer this product only for a tenure of 1 year.
  • On choosing health insurance portability, your agent will not be able to earn commission. However, agent commission will not be affected if the insured decides to renew the policy with the same insurer.

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