Health Insurance Plans: These rules will change from 1st October; from claim disbursal to waiting period - check full details

Health Insurance Plans: From 1st October 2020, a lot of changes related to one's personal finance is changing. These changes will have a direct impact on one's pocket and regular expenses. Health insurance plans are one such area that is going to change completely from next month i.e. from 1st October 2020. From this date insurance companies won't be able to reject insurance claims with ease. 

If a health insurance plan holder has paid a policy premium for eight years, then the insurance company can't reject the insurance claim in the wake of a loophole in the claim. Now a health insurance plan will cover the maximum number of diseases, however, it will lead to a rise in the health insurance policy premium.

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Major changes from 1st October in the insurance sector

1] Coverage of the number of diseases will get increased;

2] Major diseases outside the health insurance policy will be the same for all insurance companies;

3] Major diseases outside health insurance plan will come down to 17 only;

4] If the major diseases outside plan is 10, then health insurance premium will come down as well;

5] If the major diseases outside plan is 30, then health insurance premium for such plans will go up;

6] In new health insurance products, insurance premium is expected to go northward from 5 per cent to 20 per cent;

7] Psychiatric, genetic and neuro diseases will also get covered in health insurance plans;

8] Neuro disorder, oral chemotherapy, robotic surgery and stem cell therapy will also get covered under health insurance plans.

Terms and conditions for pre-exit

1] A disease pointed out by the doctor before 48 months will be considered for pre-existing under the health insurance plan;

2] A disease diagnosed within three months of the issuance of the health insurance policy will be considered for pre-existing under the insurance plan;

3] Claim can't be rejected after eight years of premium payment;

4] There will be no re-look at the policy after premium payment of eight years; and

5] After renewal of the policy for eight years, wrong information alibi won't work in favour of the insurance companies.