Insurance policy to get cheaper, include more! Key changes in your policies from January 1, 2024 – Details
Insurance holders in the country will be empowered from January 2024, as the Insurance Regulatory and Development Authority of India(IRDAI) has made several amendments mandatory for insurance providers starting January 1, 2024. Among others, insurance holders will be able to get a snapshot of the entire policy in one single sheet from January 1. Bima Vistar, an all-inclusive policy that offers life insurance, accident and health policy in one single policy, will also be available from January 1, 2024.
These are the changes that will take place in insurance policies from January 1, 2024
Policy information at a glance
Single-page information sheet. It will have all the information of the policy like waiting period, limits, exclusions and all the other details in a single short form. The IRDAI has made customer information sheets mandatory from January 1, 2024.
All in one policy – Bima Vistar
The new year will also see the all-in-one policy insurance schemes. This will consist of a single policy for life cover, health, accident and property at an affordable premium under a standard insurance product called Bima Vistar.
Cashless treatment at non-empanelled hospitals
From January 2024, a policyholder can avail of cashless treatment even at non-empanelled hospitals. Hospitals that do not have a tie-up with an insurer will have to allow cashless treatment at the rate of another empanelled hospital.
New rules likely for surrendering policy
IRDA has issued a draft paper on high surrender value for life insurance policy holders if they surrender their policy midway, new rules are likely to be implemented in the year 2024.
More changes likely
The IRDA may come with many changes in this sector to achieve the target for 2047 for insurance for all.
