Some recent changes in insurance policies like buying insurance policies regardless of age, creating policies designed to meet the needs of senior citizens (directed by IRDAI) and setting up separate channels to address the grievances of seniors will make policies senior citizen-friendly.
Another significant change is that insurers are not allowed to reject claims after five years of the policy's activation due to misrepresentation and non-disclosure. A policy claim can only be disputed if fraud is detected.
If a policyholder does not file any claims throughout the year, their sum assured increases for the following year. However, policyholders can choose to either raise their sum assured or lower their premiums in the next year.
Insurance companies must establish a claims review committee to assess denied claims. Furthermore, a claim can only be rejected with the committee's approval, and detailed reasons for the rejection must be given. The reason for rejecting should be legitimate.
Insurance firms are now required to gather essential documents directly from hospitals. This implies that policyholders won't need to submit the paperwork repeatedly when filing a claim.
