Completed 60 months of continuous cover? Your insurer may not deny your claim now
India Today
The Insurance Regulatory Authority and Development Authority of India (IRDAI) has passed a historic reform cutting the moratorium period from eight years to five years.
For years, one of the most distressing moments for an Indian family in a medical crisis was not just the diagnosis, but the dreaded claim repudiation letter.
Historically, these rejections were often based on outdated prescriptions, a casual remark in a discharge summary or a misunderstanding of a medical history note that had not been satisfactorily disclosed in the original application form at any time prior to the required time period.
To eliminate this trust gap, The Insurance Regulatory Authority and Development Authority of India (IRDAI) has passed a historic reform cutting the moratorium period from eight years to five (60 months).
This is an important change that will have a greater effect on the claim settlement process than any other change has had.
Currently under IRDAI regulations, once the continuous moratorium period of a health insurance policy has been satisfied by the insured, the insurance company is prohibited from refusing to pay claims based on any failure to disclose information or misrepresentation of fact (except in cases of proven fraud).
Prior to now, this protection would only apply after 8 years of continuous insurance on the policy. Now, it applies after 5 continuous years under the same policy or a properly migrated policy.
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The move comes as global energy markets remain on edge due to escalating tensions linked to the conflict involving Iran, which has raised fears of disruptions to crude oil shipments from the Middle East.
India consumes roughly 5.3 to 5.5 million barrels of crude oil every day. However, domestic production is only about 0.6 million barrels per day. This means the country depends on imports for nearly 85% of its oil needs.
At around 10:47 am, the BSE Sensex was down 750.68 points or 0.96% at 77,455.30, while the Nifty 50 slipped 208.25 points or 0.86% to 24,053.35.