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5 smart things to know about Health Insurance Regulations, 2016
Posted by : Anonymous on Oct 17,2016 05:49 PM
1 . The term of a loanlinked health insurance policy that repays the outstanding amount if the insured is taken ill and is unable to service theloan, has been increased to five years.
2 . Health insurance companies can now offer pilot products for a maximum period of five years. If the product is feasible, it will become a regular health insurance product.
3 . The new regulations incentivise buying a plan early, staying with it, and maintaining good health. The incentives will be disclosed upfront in the policy literature.
4 . Life insurance companies will no longer be able to offer pure indemnity products (mediclaim policies) however, they can continue to offer defined benefit products (critical illness plans).
5 . Insurance agents will not earn commission if health insurance portability is opted for. However, they will continue to earn commission when the same insurance policy is renewed on a regular basis.
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