Can insurer change policy terms and conditions of mediclaim policy without prior consent of insured and IRDAI that also during currency of Policy in force.?
Irdai guideline please.
Jayanta Bandyopadhyay 17 March 2023
Can insurer change policy terms and conditions of mediclaim policy without prior consent of insured and IRDAI that also during currency of Policy in force.?
Irdai guideline please.
RAKESH ISHI 18 March 2023
No, an insurer cannot change the terms and conditions of a mediclaim policy without the prior consent of the insured and IRDAI during the currency of the policy in force.
As per the IRDAI (Protection of Policyholders' Interests) Regulations, 2017, an insurer cannot make any unilateral changes to the policy terms and conditions during the policy term unless it is beneficial to the policyholder. Any change in the policy terms and conditions has to be communicated to the policyholder at least three months prior to the renewal of the policy. The insurer has to obtain the policyholder's consent in writing for any changes in the policy terms and conditions.
Additionally, any change in the policy terms and conditions has to be filed with the IRDAI and has to be approved by the regulatory authority before it can be implemented.
Therefore, an insurer cannot change the policy terms and conditions of a mediclaim policy without the prior consent of the insured and IRDAI during the currency of the policy in force
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