Thursday, April 23, 2026

Latest:

2024 Insurance Latest Legal May 2024

IRDAI – Landmark Reforms in Health Insurance – Master Circular dated 29.5.2024

May 29, 2024 legaldeli

IRDAI has issued Master Circular dated 29.5.2024 of 17 pages on its Insurance Products Regulations 2024 – Health Insurance

This Master Circular has repealed 55 earlier circulars. It is aimed at healthier insurance landscape since it has brought the entitlements at one place for ready reference and also to provide seamless, faster and hassle-free claims.

It is provided that the existing products not complying with Regulations of 2024 and the Master Circular dated 29.5.2024 shall be modified on or before 30.9.2024.

The salient features of the Master Circular for Policy holders / prospects / customers are – wider choice with flexibility to choose products / add-ons / riders and customer information sheet

In case no claims during policy period, the insurers may reward the policy holders by providing an option to choose such NO CLAIM BONUS either by increasing the sum insured or discounting the premium amount.

Master Circular requires the Insurer to decide on cashless authorization requests immediately and within one hour and final authorization on discharge from hospital within three hours of request from the hospital.

Strive towards achieving facilitation of 100% cashless claim settlement in a time bound manner.

Insurer is liable to pay Rs.5000 per day to the policy holder in case Ombudsman Award is not implemented in 30 days.

As rightly said in the Press Release, the Master Circular is landmark to empower the policy holders for highest standards of care and service as also environment of trust and transparency in the health insurance sector.

No claim can be repudiated without the approval of the Claims Review Committee which is required to take decision on repudiation of every claims.

Document Detail – IRDAI

Leave a Reply Cancel reply

I HAVE READ THE DISCLAIMER AND AGREE TO IT.

User Acknowledgement

By proceeding further and clicking on the "AGREE" button herein below, I acknowledge that I of my own accord wish to know more about LegalDeli for my own information and use. I further acknowledge that there has been no solicitation, invitation or inducement of any sort whatsoever from LegalDeli or any of its members to create an Attorney-Client relationship through this knowledge site. I further acknowledge having read and understood the Disclaimer below.

Disclaimer
About: This knowledge-site (www.LegalDeli.in) is owned and operated by LegalDeli (“NDA”), and is a resource for your informational and educational purposes only.

No Warranty: NDA does not warrant that any content or information contained on this knowledge-site is accurate, correct, complete or up-to-date, and hereby disclaims any and all liability to any person for any actual or threatened loss or damage caused by errors or omissions, whether such errors or omissions result from negligence, accident or otherwise. NDA assumes no liability for the interpretation and/or use of the content and/or information contained on this knowledge-site, nor does it offer any warranty of any kind, either expressed or implied in relation to such content or information.

Third-Party Links: NDA does not intend that links / URLs contained on this knowledge-site re-directing users to third party websites be considered as referrals to, endorsements of, or affiliations with any such third party website operators. NDA is not responsible for, and makes no representations or warranties, express or implied, about the content or information contained on such third party websites to which links may be provided on this knowledge-site.

No Legal Advice: By clicking ‘I agree’ and proceeding further, you acknowledge, represent and undertake that you on your own accord wish to know more about NDA, its capabilities and research content and information contained on the knowledge-site, for your own knowledge and personal use. The content and information contained on this knowledge-site should not be construed as nor relied upon as legal advice. You as a reader or recipient of content or information contained in this knowledge-site should not act, nor refrain from acting, based upon any or all of such content or information, but should always seek the advice of competent legal counsel licensed to practice the relevant law in the appropriate jurisdiction.

No Attorney-Client Relationship: This knowledge-site is not intended to be and you should not consider the content or information contained therein to be an advertisement, solicitation, inducement or invitation for an Attorney-Client relationship. Transmission, receipt or use of this knowledge-site, including content and information contained therein, does not constitute nor create an Attorney-Client relationship between NDA and you.