Insurance Regulatory and Development Authority of India (IRDAI) aims to make health insurance policies customer-friendly and more standardized. Commenting on IRDAI's year-long changes on health insurances policies, Prasun Sikdar, MD & CEO, ManipalCigna Health Insurance, said "The standardization of health insurance is expected to bring uniformity in interpretation as well as simplification, and ease of understanding of policies. Let's take a look at the significant changes in health insurance policies:1) For the first time in the history, IRDAI has allowed policyholders to pay health insurance premiums in installments. 4) Insurance regulator Irdai mulls barring insurers from excluding several critical illnesses such as mental problems, genetic diseases, neuro-development disorders and psychological disorders from health insurance policies. "Health insurance consumers had an eventful 2019, as they were presented with better health insurance policies, wider coverage for their pre-existing illnesses, and ease in premium payment options.

Source: Mint January 01, 2020 01:18 UTC