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Waiting period for pre-existing diseases (PED) was cut down from 48 months to 36 months. After the expiry of this period, all diseases will be covered in the insurance net whether or not they were revealed at the time of buying the policy.
Maternity insurance plans have become increasingly popular amid rising healthcare costs, with an 80 per cent YoY rise in FY24.
The new rules are likely to give an impetus to senior citizens who have some pre-existing diseases, thus leading to an exorbitant medical expenses on a regular basis.
While the waiting period for pre-existing disease (PED) coverage in health insurance policies has been reduced from four years to a compulsory three years, the moratorium period has been shortened from 96 to 60 months.
Financial Literacy News: Starting April 1, 2024, you must keep your insurance policies in electronic format, similar to the way investors store shares in a demat account. The Insurance Regulatory and Development Authority of India (IRDAI), in its "Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers Regulations, 2024," has mandated that every insurer must have a board-approved policy for issuing insurance policies in electronic form, as stated in its notification.