Lifelong Renewability of Personal Accident Insurance Proposed by Irdai, Time Bound Porting of Policy

From extending lifelong sustainability of personal accident covers to discount on renewal premiums and time-bound porting of policies, the IRDAI has proposed revisions to health insurance regulations to help policyholders.

The sector regulator has also proposed to include the word ‘discount’, besides ‘loading’, on renewals of existing health policies to inspire insurers to grant reductions in premiums on renewal in case of improvement in risk profile. Stacking is top-up for risk and age on renewal.

The insurance agency is additionally expected to acquire all necessary details of medical history and claim history of the policyholder concerned from the existing insurance company through the web portal of the IRDAI within five days,in this manner it is time-bound unlike previously.


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