Health Insurance Policy: If you have a health insurance policy of any company, then this news is for you. Actually, according to a recent update, let us tell you that keeping in mind the interests of the customers, new orders have been issued by the Insurance Regulatory and Development Authority (IRDAI)… To know about them, end with the news. Remained till.
IRDAI Update: If you have a health insurance policy of any company, then this news is for you. Yes, a new order has been issued by the Insurance Regulatory and Development Authority (IRDAI) keeping in mind the interests of the customers.
Under this order, the insurance company has been asked to simplify the Customer Information Sheet (CIS) for the customers. Under this, the insurance company will have to provide the basic information of the policy like the amount insured and the expenses covered in the policy along with information about the claim.
The rule will be applicable from January 1, 2024-
Customers will get information about this in the prescribed format from January 1. IRDAI has made changes in the existing Customer Information Sheet (CIS) to explain everything to the customers. The insurance regulator said in a letter sent to all insurance companies in this regard that the new CIS will come into effect from January 1, 2024. The authority said that it is important for the policyholder to understand the terms and conditions of the policy purchased.
According to this letter, ‘The paper related to the policy may be difficult for the customer to understand. In such a situation, the paper should be such that it explains the basic information related to the policy in simple words. Also all the information should be present in it. According to the circular, many complaints are being received due to differences in policy related points between the insurance company and the policyholder. Keeping this in mind, CIS has been issued with changes.
In the new CIS, the company will have to provide information about the name of the insurance product/policy, policy number, type of insurance product/policy and sum insured. Apart from this, the policyholder will also be informed about the expenses included in the policy, things outside its scope, waiting period, financial limit of coverage, claim process and grievance redressal mechanism. According to the circular, the insurance company, mediator and agent will have to send the details of the changed CIC to the policyholders.
