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.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
Who would you like to insure?
Do you have an existing illness or medical history?
This helps us find plans that cover your condition and avoid claim rejection
What is your existing illness?
Select all that apply
When did you recover from Covid-19?
Some plans are available only after a certain time
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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