3 changes in health insurance claim rules to help consumers: Reduced waiting period for pre-existing diseases, moratorium
health insurance companies to reduce the maximum waiting period to get complete health insurance coverage in case of pre-existing diseases (PED) from 4 years to 3 years. The regulator modified the definition of pre-existing disease in its IRDAI (Insurance Products) Regulations, 2024, notified on April 1, 2024. According to the notification, pre-existing disease (PED) means any condition, ailment, injury or disease:
a) that is/are diagnosed by a physician not more than 36 months prior to the date of commencement of the policy issued by the insurer; or
b) for which medical advice or treatment was recommended by, or received from, a physician, not more than 36 months prior to the date of commencement of the policy.
However, the definition of PED is not applicable on overseas travel policies.
When you buy a health insurance policy, the insurer will ask you about any history of illnesses and any medical conditions that you still have. In case a condition falls in the category of pre-existing disease, the health insurer will ask you to wait for a certain period before the policy starts covering the diseases linked to the PED. If you fall ill during the waiting period due to the mentioned PED, the insurer will not offer any coverage. So a reduction of one year in this waiting period will help many existing policyholders and those planning to take a policy.
«This is a commendable move as it addresses a major concern for health insurance buyers, reducing their concern before claiming for any PED. By reducing the PED
