Now insurers will be required to disclose benefit/premium illustration, for all health insurance policies issued on individual and floater basis, to the policyholders. This is probably why health policies have not had a standard benefit illustration," said Chandan D. S. Dang, Executive Director, SecureNow.in, a Delhi-based online insurance broking firm. "Sum insured coverage is the single most important factor for a health insurance policy, and this will go a long way in simplifying this for policy buyers," added Chhabra. The benefit illustration will help to simplify the policyholder's understanding of the premium payable vis-a-vis the benefits. However, overall the benefit illustration for health insurance policies is a very positive and client-friendly step taken in the right direction."

Source: Mint December 29, 2020 11:15 UTC