IRDAI's new proposal will change the rules of accidental insurance policy, can be renewed for life

IRDAI’s new proposal will change the rules of accidental insurance policy, can be renewed for life

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new Delhi . The rules related to Personal Accident Policy may change soon. Insurance regulator IRDAI is working in this direction. The regulator is working on a plan to change the insurance rules in view of the problems being faced by the insurers. After the new updated rule, if a person has continued to renew his personal accident policy without any break, then the insurance companies will not be able to refuse to renew the policy of that person at any time in life.

there will be no age bar
The Insurance Regulatory and Development Authority of India (Irdai) had issued an exposure draft on February 16, 2022. According to this, no insurance company will ever be able to refuse to renew Personal Accident Insurance on the basis of the age of the policyholder. This proposal is also included in the proposal related to changes in the rules related to insurance in the exposure draft.

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Insurance port will be easy
If a policyholder wants to port his insurance policy from one insurance company to another, then it has also been proposed to change the rules related to this. Under this, it has been proposed that the insurance companies will have to take necessary information from the existing insurance company within five days of receiving the portability form. The proposed amendment aims to ensure the portability of any insurance policy within a specified time frame.

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Discount will also be available
Insurance companies have also been encouraged to give a discount to a policyholder if his risk profile improves.

Health insurance is necessary
The Corona period has brought to the fore the need for health insurance. This epidemic has told how health insurance protects your hard earned money from any kind of loss.

Tags: health insurance, health insurance cover, Insurance, Insurance Policy, insurance scheme

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