Choosing a suitable health plan to become easier with standardised norms

Uniform policy wordings will reduce ambiguity and allow buyers to understand key policy features better

In recent months, the Insurance Regulatory and Development Authority of India (IRDAI) has come up with several regulatory changes aimed at simplifying health insurance and making it more customer-friendly. Many of these changes came into force from the beginning of this month. Let us try to understand how these changes will impact you, the policyholder. 

Standardisation of policy wordings: Starting from October 1, several important clauses in health insurance policies will be standardised. Insurers have been asked to incorporate the same policy wordings, prescribed by the regulator, across all products. According to S. Prakash, managing director (MD), Star Health and