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Health Insurers To Accept Premium In Installments Amid Covid 19
To simplify health insurance, the government last year took initiative and announced that all health and general insurers should work to come up with a standardized plan such that buyers no longer face the hardship in selecting the relevant plan. Such plans are likely to be rolled out this year with enhanced coverage and inclusions.
Relaxations Allowed On Health Insurance Premium Amid Covid 19
1. Premium Accepted In Installments:
Also, keeping in view the recent challenges posed by the coronavirus outbreak, IRDAI, the insurance regulator has asked health insurers to offer installment facility for accepting health insurance premium that were due for renewal until March 31, 2020. IRDAI in a circular in this regard said, "In view of prevailing conditions owing to COVID-19 outbreak, considering the need for easing the payment of health insurance premiums, all the insurers are allowed to collect health insurance premiums in installments...as they may deem appropriate for any specific product(s).
So, consequently premium may be accepted in monthly, quarterly or half-yearly mode. And insurers may provide this relief as a continuing feature or as a temporary relief for all insurance policies that become due for renewal up to March 31, 2021 for one policy year or 12 months.
2. No revision in basic premium table:
To bring about change in the payment mode, there shall not be effected any change in basic premium table Factors applicable, if any, to allow the change of premium payment mode (frequencies) shall be fair and reasonable," the insurance regulator said.
Also, insurance plans offering the installment facility on health insurance plans have to be enlisted on the insurer's website for customers' know-how.
3. Extension in premium payment timeline:
Further, earlier amid the nationwide lockdown which has been extended to May 3, ministry of finance has extended the renewal timeline for payment of premium for health and motor insurance to May 15 for policies whose renewal date falls between March 25 and May 3.
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