The group also recommended that a standard grading system for hospitals, based on the quality parameters should be prepared, and same grading can be used by PMJAY (Pradhan Mantri Jan Arogya Yojana ) and the private insurance market.
As per the IRDAI issued modification guidelines, age-related ailments like Knee-cap replacements, Cataract Surgery, Alzheimer’s and Parkinson's, etc. which were earlier excluded from the health insurance policy will now be covered by the insurance company.
The IRDAI has allowed health insurers to effect a decrease in minimum and/ or increase in maximum premiums, and maximum entry age. Typically, the maximum age limit of health insurance policies filed is up to 65 years.
Sujay Banarji, Member— Distribution, IRDAI, said “Regulatory Sandbox will foster collaboration and further the interests of all stakeholders i.e. regulator, insurance companies, start-ups and end consumers”.
The bench further observed that the IRDAI is a “statutory regulatory body and if there is any requirement of medical check up, all care can be taken by such type of authority which is constituted under the provisions of the law”.
Regulatory sandbox is an infrastructure that helps fintech players live test their products or solutions, before getting the necessary regulatory approvals for a mass launch, saving start-ups time and cost.
Earlier, there were no regulatory provisions for any refund to a policy holder, during the first year of policy issuance, in case a person commits suicide and life insurers can legitimately deny any payment of claims to the beneficiaries of such a life insurance policyholder during this period.
According to IRDAI clarification, existing vehicles will get only one year insurance cover on renewal while new private cars will have to compulsorily go for three-year policies. Similarly, new two-wheelers will have to get compulsory five-year policy.