Inform Policyholders 90 Days In Advance About Changes: IRDAI

IRDAI:any revision in the policy needs to be informed to policyholders 90 days in advance.

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Insurance regulator, IRDAI on Wednesday said any revision in the policy needs to be informed to policyholders 90 days in advance.

"Any revision or modification including a revision in the price of a policy which is approved by the Authority shall be notified to policyholders at least 90 days prior to the date when such revision or modification comes into effect," Irdai said in a notification.

Inform Policyholders 90 Days In Advance About Changes: IRDAI

The notice should set out the revisions or modifications affected, and the changes in premium, if any.The possibility of a revision or modification of the terms of the policy including the premium must be disclosed in the prospectus and policy wordings, it added, reports PTI.

Teaching hospitals of AYUSH colleges recognized by Central Council of Indian Medicine (CCIM) and Central Council of Homeopathy (CCH) are also included under the treatment, it said.

AYUSH Hospitals having registration with a Government authority under appropriate Act in the State/UT and complies with the following as minimum criteria including minimum 5 qualified doctors.

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