1 The term of a
loan linked health insurance policy that repays the outstanding amount if the insured is taken ill and is unable to service the loan, has been increased to five years.
2 Health insurance companies can now offer pilot products for a maximum period of five years. If the product is feasible, it will become a regular health insurance product.
3 The new regulations incentivise buying a plan early, staying with it, and maintaining good health. The incentives will be disclosed upfront in the policy literature.
4 Life insurance companies will no longer be able to offer pure indemnity products (mediclaim policies) however, they can continue to offer defined benefit products (critical illness plans).
5 Insurance agents will not earn commission if health insurance portability is opted for. However, they will continue to earn commission when the same insurance policy is renewed on a regular basis.
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