Health insurance is supposed to provide peace of mind. You pay your premiums, follow the rules, and expect coverage when you fall sick. But according to Prashant Mhatre, All India President at the General Insurance Agents Federation Integrated (GIAFI), a clause quietly embedded in several retail health policies could leave policyholders exposed.
In a LinkedIn post, Mhatre highlighted the “Material Change” clause, which requires policyholders to inform insurers about significant health changes, such as new illnesses or conditions.
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WHAT IS THE 'MATERIAL CHANGE' CLAUSE?
The “Material C
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