The Insurance Regulatory and Development Authority of India (Irdai) on Wednesday released a master circular on health insurance specifying that an insurer will have to decide on cashless authorisation within an hour of its request, a move aimed at boosting cashless initiatives.
Insurance companies have been given time till July 31, 2024, to put the necessary systems and procedures in place. Health insurance policy-holders will also be able to avail a discount on the premium payable if there were no claims made in the previous year, according to the circular released by the regulator.
The Irdai has asked general and health insurance companies to reward the policyholders by giving them 'No Claims Bonus' (NCB) in the form of either increasing the sum insured or by offering a discount on the premium amount if they have not made any claims. At present, no claim bonus is given by offering health insurance policyholders only the cumulative bonus which is an addition to the sum insured.
Customers will be given the option to choose between increasing the sum insured or the discount on the premium at the time of renewal. The new norms are effective immediately.
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