9 FINANCEOUTLOOKINDIAOCTOBBER, 2024To promote diversity, CIS and proposal forms must be provided in regional languages on request.Free look period: Policyholders will have 30 days to review their insurance conditions. If consumers are dissatisfied, they can return the insurance for a refund, allowing them to reconsider their purchase without penalties.Improved grievance redressal mechanisms: Insurers must implement effective grievance redressal processes, ensuring that policyholders may readily settle difficulties and receive assistance when necessary.Mandatory nomination and updates: The proposal form will request nominee information, ensuring that claims are processed smoothly in the case of a policyholder's death. To ensure efficient servicing, policyholders are asked to keep their information up to date.Cashless claim payment within 3 hours: In order to provide cashless claim settlement for health insurance from the date of cover beginning, the insurer must acquire the details of group members from the master policyholder as soon as possible. No claim shall be refused due to the lack of availability of group members' details.Numerous health insurance plans: If you have numerous health insurance policies from different insurers, the claims process has become more flexible. You can now file a claim under any of your plans, specifying your preferred insurer as the primary one. If the primary insurer's coverage is insufficient to cover the entire claim amount, this insurer will work with the other insurers to settle the outstanding balance.Search tool: Insurers must include a search engine on their websites that allows customers to verify permitted sales channels.Premium/proposal deposit: No premium/proposal deposit is required to be paid to the life/health insurer together with the proposal form, except for policies where risk coverage begins immediately upon receipt of payment.Insurers are expected to make accessible products/add-ons/riders to provide a wider option to policyholders/potential customers catering· All ages.· Any form of existing medical issue.· Pre-existing diseases or chronic disorders.· All medical systems and therapies, including allopathy, Ayurvedic medicine, and others.· Any type of treatment, including domiciliary hospitalization, outpatient treatment (0PD), day care, and homecare.· All areas, all occupational categories, people with disabilities, and any additional groups;· All types of hospitals and health-care providers that are affordable to policyholders/prospects. Policyholders will not be denied coverage in the event of an emergency.Note: The foregoing does not imply that the insurer must have a single product to cover all of the above.
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