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Renewability of Health Insurance

IRDA - Renewability of Health Insurance
There has been some concern among consumers, especially senior citizens, about insurance companies turning down the renewal of health insurance policies.

IRDA has stipulated that a health insurance policy should always be renewed except if there has been

  • Fraud
  • Moral hazard (intentionally taking an insurance policy in order to make a false claim)
  • Misrepresentation

Click here for Guidelines on Renewability of Health Insurance

Dictionary Close
Word:  Moral Hazard Definition:  Moral Hazard is something in the nature of suspicion. The intention is to claim the money from the Insurance Co on death by committing a fraud, not with legitimate aim of protecting the family against financial loss caused of death.
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