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In a significant move aimed at benefitting health insurance policyholders, the Insurance Regulatory and Development Authority of India (IRDAI) has slashed the maximum waiting period for pre-existing diseases (PEDs) from 48 months to 36 months. This change, effective from April 1, 2024, brings relief to customers purchasing health insurance policies during the current fiscal year.
The reduction in the waiting period for PEDs means that policyholders with ailments like hypertension, diabetes, thyroid disorders, and those requiring knee surgeries will have shorter waiting times before their coverage becomes effective. Previously, individuals had to wait up to 48 months before these specific diseases were covered under their health insurance plans.
The move by IRDAI is seen as a proactive step to enhance customer satisfaction and streamline the health insurance landscape in India. According to a government official who preferred anonymity, the new regulation sets a maximum waiting period of 36 months for PEDs, providing more comprehensive coverage for policyholders.
One of the key aspects highlighted in IRDAI’s notification is the flexibility for insurance companies to offer shorter waiting periods than the mandated 36 months. This flexibility allows insurers to design innovative and customer-centric insurance products that cater to evolving market demands.
Experts in the insurance industry view this development positively, noting that it aligns with global regulatory trends focusing on consumer protection and risk management. Vivek Iyer, a partner at Grant Thornton Bharat, emphasized the regulator’s intent to improve the overall insurance ecosystem’s robustness and consumer-friendliness.
The new guidelines apply to both new health insurance policies and renewals of existing policies, ensuring that all policyholders benefit from the reduced waiting period for pre-existing diseases. This move is part of ongoing efforts by IRDAI to enhance governance standards and promote transparency within the insurance sector.
Overall, the reduction in waiting periods for PEDs reflects a proactive approach by IRDAI to address customer needs and enhance the accessibility and effectiveness of health insurance coverage for individuals across India.
Sources By Agencies
