According to the Insurance Regulatory and Development Authority of India (IRDAI), the insurance companies must accept cashless claims and pay any associated costs within three hours of a hospital requesting discharge.
In the event that an insured person passes away, claims must be handled promptly and the mortal remains (body) must be released right away.
The insurance companies are encouraged by the insurance industry regulator for 100% cashless claims settlement.
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The insurers must have policies in place for settling claims latest by 31st July, 2024. For cashless requests at hospitals, they can also set up specific assistance desks.
IRDAI prohibits denial of claims without committee permission and requires a digital pre-authorization procedure.
Insurers will coordinate the remaining sums, and policyholders will select which insurance policy to employ for claims. The insurers may give no-claim bonuses to the insured for claim-free periods.
Source: IRDAI