Health Insurance: A new rule regarding health insurance is being implemented by the Insurance Regulatory and Development Authority of India from January 1. Let us know in detail…
Health Insurance New Rule: With the new year coming into force on January 1, 2024, a new rule related to purchasing health insurance is going to come into force. After this, the entire experience of buying health insurance will change for the customers and they will be able to easily understand the terms and conditions of the policy. A circular was issued by the Insurance Regulatory and Development Authority of India on October 30, 2023, in which all health insurance companies were asked to mandatorily issue a Customer Information Sheet (CIS) to the customers. The objective is to tell the customers about the basic features of the policy in very simple words.
What is CIS?
CIS is also called Customer Information Sheet. The terms and conditions of the policy are written in it. According to the new circular, now all health insurance companies will have to issue CIS to the customers while issuing the policy. It will contain information about coverage, waiting period, limit, free look cancellation, method of taking claim and contact etc.
Customer’s consent will have to be taken
Insurance Regulatory and Development Authority of India states that after giving CIS to the customers, the companies have to obtain consent from the customers that the CIS has been obtained on their behalf. With this, insured people are expected to have better information about their policy.
Option to return the policy if you don’t like it
According to the new circular of Insurance Regulatory and Development Authority of India, after purchasing the policy, if a customer does not like it, then he can return it within a certain time. This will be a big benefit to the customers that they can easily understand the policy. If they do not find the policy as per their expectation then they can return it.
