2020: Year of change

Insurance is one of the most important investments you can make for your family's safe future. The insurance industry has seen many changes over the years to become more relevant in the changing times.

With the widespread ruination of the COVID-19 pandemic, several regulatory changes have been introduced by the Insurance Regulatory and Development Authority of India (IRDAI).

Let's take a look at some of them:

• Payment of insurance premiums in installments is possible
• Option of cashless payment for treatment of coronavirus.
• Inclusion of telemedicine under the policy.
• Launch of coronavirus specific insurance plans
• Coverage for uncovered ailments like mental illness, stress or psychological disorder, illness contracted due to hazardous activity, genetic disease, etc.

These developments are set up so that people can benefit from their insurance plans in critical times.