The insurance regulator has come out with guidelines on standardisation in health insurance. Here are some important features:
* Co-payment means a cost sharing requirement in which the insured will bear a specified percentage of the admissible claims amount. Co-payment does not reduce the sum insured.
* Cumulative bonus means any increase or addition in the sum insured granted by the insurer without an associated increase in premium.
* Deductible means a cost sharing requirement in a health insurance policy where the insurer will not be liable for a specified amount in case of indemnity policies and for a specified number of days/hours in case of hospital cash policies which will apply before benefits are paid by the the insurer. A deductible does not reduce the sum insured.
