No free look period of new health policies of less than one year- New rules

IRDA has issued a circular no. 191 dated 29 September 2013 about the amendment in health insurance norms. This includes no look up period for ne health insurance policy of less than one year. Full circular is as under.

CIRCULAR NO. IRDA/HLT/REG/CIR/191/09/2013, DATED 26-9-2013

Reference is drawn to the captioned Regulations notified on 16th February, 2013. In response to representations received from the industry, a re-examination of some of the provisions has been carried out. Now, in exercise of powers under section 14(2) of the IRDA Act, 1999, the following amendments are being carried out and may be noted:

A. Regulation 5: General Provisions relating to Health Policies:
1. Free look period:
 Existing provision: Regulation 5(g): 'All health insurance policies shall have a free look period. The free look period shall be applicable at the inception of the policy...'

Modification: Regulation 5(g): All new individual health insurance policies except those with tenure of less than a year shall have a free look period. The free look period shall be applicable at the inception of the policy...'

2. Cumulative Bonus:
 Existing provision: Regulation 5(i)(iii): Cumulative bonus may not be allowed on benefit based policies.'

Modification: Regulation 5(i)(iii): Cumulative bonus may not be allowed on benefit based policies with the exception of Personal Accident cover.

3. AYUSH coverage:
Existing provision: Regulation 5(I)(i), ' Insurers may provide coverage to non-allopathic treatments provided the treatment has been undergone in a government hospital or in any institute recognized by government and/or accredited by Quality Council of India/National Accreditation Board on Health or any other suitable institutions.'

Modification: Regulation 5(I)(i),' Insurers may provide coverage to non-allopathic treatments provided the treatment has been undergone in a government hospital or in any institute recognized by government and/or accredited by Quality Council of India/National Accreditation Board on Health.'
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