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Health insurance companies will not be allowed to contest claims once the premiums on a policy has been paid for a continuous period of eight years, the IRDAI states in new guidelines on indemnity based health insurance. This period of eight years is called the moratorium period. The policies would however be subject to all limits, sub limits, co-payments, and deductibles as per the policy contract. The IRDAI said the objective of the guidelines is to the policies and ensure uniformity across the industry.

The guidelines also state, “If any claim made by the insured person, is in any respect fraudulent, or if any false statement, or declaration is made or used in support thereof, or if any fraudulent means or devices are used by the insured person or anyone acting on his/her behalf to obtain any benefit under this policy, all benefits under this policy and the premium paid shall be forfeited.

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The Indian government is likely to reassess the need to establish a natural catastrophe insurance pool due to mounting economic losses from a series of such events in India over the past three years. Deliberations on a Nat CAT pool have been ongoing for almost five years now. However, due to a lack of consensus on the structure of the pool, it has not yet been set up.

“After Cyclone Amphan, consensus is emerging that there should be cover for dwellings and physical belongings during a natural catastrophe. Traditional insurance products may not be suitable to cover events of such a large scale,” said an official.

Cyclone Amphan caused widespread damage in East India and Bangladesh in May. It was the strongest tropical cyclone to strike the Ganges Delta since 2007, causing economic losses estimated at over $13bn. Insured losses could hit INR4bn ($53m), as per initial estimates. In the last five years, losses due to catastrophes have led to insured losses of almost INR270bn ($3.6bn).

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