Health insurers to decide on cashless authorisation within one hour: Regulator

New Delhi, May 30, 2024.

Regulator Irdai on Wednesday released a master circular on health insurance specifying that an insurer will have to decide on cashless authorization within one hour of request.

The master circular on Health Insurance products repeals 55 circulars issued earlier and it is a significant stride towards reinforcing the empowerment of policyholders and bolstering inclusive health insurance, Irdai said in a statement.

“The circular has brought in one place the entitlements in a health insurance policy available to a Policyholder/prospects for their easy reference and also emphasizes measures towards providing seamless, faster and hassle-free claims experience to a policyholder procuring health insurance policy and ensuring enhanced service standards across the health insurance sector, it said.

Sharing salient features of the master circular, it said, wider choice to be provided by the insurers by making available products/addons/riders by offering diverse insurance products catering to all ages, regions, medical conditions/ all types of Hospitals and Health Care Providers to suit the affordability of the policyholders.

It also specifies Customer Information Sheet (CIS) which is provided by the insurer along with every policy document.