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New IRDA Guidelines For Health Insurance Plans: How You Can Enjoy More Benefits Now?

New IRDA guidelines for Health Insurance Plans: How you can enjoy more benefits now?

In a recent step the insurance regulator has issued new rules for general insurance and standalone health insurance companies which offer health insurance plans. The new set of rules would probably benefit a lot of policy holders in future and even help you to save lot money on your premium. Few of the new rules are:

  1. Way back in 2009, the regulator allowed issuance of combo plans which we were offerings based upon specific collaboration between a life insurance and health insurance provider. But the plans were restricted to term policy as a part of the combo plan but now you as a policyholder can have other hybrid options under a single plan. As per the new guidelines, the combo plans can also offer money back, endowment and ULIP plans along with a health plan making these combo plans more attractive for policyholders where not only the policy comes as a help in handling medical emergency but also works a way to save money for long term goals.
  2. Now you can avail cumulative bonus under benefit plans. A common example of benefit plan is critical illness plans offered by health insurance companies. In a case of claim free year the sum assured under your plan can now increase to a minimum of 10% to a maximum of 50% of the existing. In case the claim is made the cumulative bonus would be reduced accordingly so you can actually enjoy a higher benefit on a small amount of premium.
  3. Now you can enjoy wellness benefits under your existing health insurance plans. As part of the regular process the insurance provider was already incentivizing you for early entry into a plan and continued renewal by discounted premium but now if you follow certain wellness habits which reduces your chances of falling ill then you can also avail some extra discounts on your next premium. The way you can enjoy the benefits would be informed to you well in advance in your policy document. So the now the mantra of staying healthy can also draw you financial benefits also.

Keeping in view the new changes what IRDA has made in its 2016 guidelines for health insurance plans would not only help you savings a lot of money from premium but also opens larger number of options to select. The moot thing is whether you are properly insured or not. Have you properly evaluated your requirements based upon current health status and rising medical cost?

Doing a proper comparison online to indentify the best option with the understanding of additional cover which you or your family might require can be the right way forward. Always user a health insurance premium calculator to evaluate things in detailed to make better financial decisions.