The rules attached to personal accidental policy may change soon. Insurance regulator IRDAI is working in this direction. The regulator is working on a plan to change the insurance rules in view of the impending harassment of insurers. After the new update rule, if a person continues to renew his personal accidental policy without any break, the insurance companies will never be able to refuse to renew the policy of that person in life.
There will be no age restriction
The Insurance Regulatory and Development Authority of India (Irdai) issued an exposure draft on 16 February 2022. According to him, no insurance company can ever refuse to renew personal accident insurance based on the policyholder's age. This proposal is included in the proposal attached to the changes in the rules attached to insurance in the exposure draft.
Getting insurance ported will be easy
If a policyholder wants to port his insurance policy from one insurance company to another, a change in the rules attached to it has been proposed. It is proposed that insurance companies must contact the Existing Insurance Company within five days of receiving the portability form. The purpose of the proposed research is to ensure the portability of any insurance policy within a specified time.
There will also be discounts
The insurance company is encouraged to say that if the policyholder's risk profile improves, the insurance companies should give a discount to that person.
Health Insurance is also required
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