In the light of Notification dated 22nd July 2020, the Insurance Regulatory and Development Authority of India (IRDAI“) in recent Circular dated 7th October 2020 has issued additional guidelines with a view to provide seamless coverage along-with continuity of benefits to the account holders of banks having health insurance coverage by means of group insurance schemes.
Additional Guidelines are as follows-
• The members of an indemnity based group health insurance policy are offered to account holders of a bank and are allowed portability of their coverage to another indemnity based group health insurance policy offered by a different insurer to the account holders of the same bank.
• The portability will be offered subject to the option exercised by an individual member of the group policy.
• All other norms specified in Chapter VIII of the above referred guidelines are also applicable.
Source: Insurance Regulatory and Development Authority of India
