January 20, 2022

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

How lifelong renewability in health covers works

1 min read
, How lifelong renewability in health covers works, The World Live Breaking News Coverage & Updates IN ENGLISH
Share This :
, How lifelong renewability in health covers works, The World Live Breaking News Coverage & Updates IN ENGLISH

Health insurance policies are one-year, annually-renewable contracts. They come with lifelong renewability clause–that is, insurers cannot specify an exit age at which the coverage would end. Until 2012, when insurance regulator IRDAI made this clause mandatory, senior citizens often complained of insurers turning down their renewal requests citing claims filed earlier. This, after having collected premiums during their younger years when policyholders did not need to file claims, only to deny health coverage when they needed it the most. This is now disallowed. So, regular health covers are ordinarily renewable for life, except in cases of fraud, moral hazard and misrepresentation.

, How lifelong renewability in health covers works, The World Live Breaking News Coverage & Updates IN ENGLISH

Share This :
Copyright © All rights reserved. | Newsphere by AF themes.