Know Your Rights As A Health Insurance Buyer. Read Here To Know More

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As essential because it is to purchase a medical insurance policy, knowing your rights as a medical insurance buyer is equally essential. It is because irrespective of how regulated and well-structured the insurance industry is, wrongdoers exist in all places. And the perfect approach to take care of them, while keeping your interests safeguarded, is to know your rights, which you possibly can exercise on this regard. 

Also, it is necessary to reiterate that battles against insurance firms aren’t any longer a lost battle. There’s enough precedent to this in recent times, where court decisions have been made in favour of the insurance buyers who fought for his or her rights, be it against overcharging within the name of insurance premiums, or delay in settlement of claims.

Following is an exhaustive list of the rights which are available to each insurance buyer.

1] Right to get all information in regards to the policy: Based on the Insurance Regulatory and Development Authority of India (IRDAI) guidelines, you’ve gotten all the best as an insurance buyer to ask your insurance provider for any information concerning your policy. Be it the policy features, advantages, eligibility criteria, or premium amount, the insurance provider is liable to deal with all of your queries.

You furthermore may have the best to ask for the IRDAI-approved insurance premium chart to ascertain if the insurance company is charging you a good premium or not. Be an informed buyer, and when you feel you’re being overcharged, do check the premium chart.

2] Right to cancel the policy inside 15 days of policy issuance: Every medical insurance policy comes with a 15-day free-look period, if purchased offline, and 30 days, if purchased online. During this era, you’ve gotten the best to cancel the policy issued to you, when you are unhappy with its terms and conditions. No insurance company can deny such a policy cancellation, and it’s sure to return the premium paid by you, after making the needed deductions. These deductions can only be for the insurance cover provided during this era, stamp duty expenses, and medical test expenses, if any. 

It is crucial to notice that this free-look period starts from the day when the policy document reaches you. So, in case your insurance agent has deliberately delayed the issuance process, you wish not worry, because the delay won’t affect any of your free-look period rights. 

3] Right to receive a response inside a specified time-frame: To make sure that an insurance policy serves its true purpose of providing relief to its buyers in tough times, the IRDAI has defined timeframes for completion of various requests, which might be placed by a policyholder with the insurance provider. As an insurance buyer, you’ve gotten the best to the next requests processed throughout the below-mentioned time span. 

IRDAI has established timelines for the fulfilment of certain requests that a policyholder may make to the insurance provider.

4] Right to policy renewal: Based on IRDAI’s guidelines issued in March 2009, no insurance company can refuse to renew your medical insurance policy, be it on medical grounds for senior residents, or as a consequence of a lot of claims made within the previous yr. You’ve the best to policy renewal so long as there isn’t any evidence of fraud, misrepresentation, moral hazard, or, the insurance company had not specified the renewal age limit on the time of policy issuance.

5] Right to grievance redressal: If you happen to are unhappy with any terms or procedures of the insurance company, you’ve gotten the best to file a grievance in regards to the same with them. If the insurance provider is unable to offer you a satisfactory resolution in your grievances or complaints, you’ve gotten the best to flag the matter to IRDAI through its online platform called the Integrated Grievance Management System (IGMS). 

Be an informed insurance buyer and keep yourself updated with all of the rights which can be found to you on this regard. It will not only show you how to remain safeguarded against unfair treatment, but additionally offer you peace of mind, which is probably the most prized possessions in today’s hustle and bustle. 

The creator is co-founder and CEO, InsuranceDekho

(Disclaimer: Views expressed are the creator’s own, and Outlook Money doesn’t necessarily subscribe to them. Outlook Money shall not be accountable for any damage caused to any person/organisation directly or not directly.) 
 

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