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IRDAI to Revise Customer Information Sheet for Insurance Starting 2024
IRDAI has planned to revise the existing customer information sheet to help understand the insurance plan they are purchasing. Read more to find out: The Insurance Regulatory and Development Authority of India has announced that they will be revising the customer information sheet.
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- IRDAI to Revise Customer Information Sheet for Insurance Starting 2024
The changes will be implemented from January 1, 2024, to help the customer understand complex terms within the purchased policy. It has also been created to reduce the information imbalance between the insurer and the policyholder.
According to the new circular, the name of the insurance/policy, policy number, and type of insurance or policy will have to be mentioned. Additionally, the policyholder will be provided with information regarding the policy coverage, exclusions, waiting periods and other necessary details before, after and while filing a claim.
Apart from the above, the circular released by IRDAI also states that the CIC should be forwarded to all insurers, intermediaries and agents. They should further inform the policyholders and get an agreement regarding the same.
It has also been informed that the notice from IRDAI should be provided in all regional languages if the policyholder prefers.
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