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IRDA Makes Insurance Policies More Transparent

IRDA Makes Insurance Policies More Transparent and StandardizedEarlier today IRDA has given a prescription for bringing a standardized format for Life and non life insurance policies respectively to the fore front.  This step was taken to make these policies more transparent and assist people in taking informed decisions. As per the new notification, all the insurers are advised to make all the policy servicing forms and in both the paper format as well as the soft format on their website, available in all the languages (apart from the ones in which it is already available), recognized under the constitution of India so as to meet the needs of policyholders

and an easy online access. This initiative by IRDA is deemed to bring out better and informed decisions from policyholders or beneficiaries. 
IRDA also notified all the insurers that the insignificant font size or print might affect the decision taking abilities of policyholders or some of the prospective beneficiaries, this practice should be curbed and all the insurance companies are therefore advised to use a minimum print equivalent to font 'Times New Roman-size no 7' or above in respect of all the forms that are made available to the prospects and policyholders both during the course of granting the cover and subsequent policy servicing throughout the policy term. This advice of maintaining the print and the font size is also made applicable to policy contracts issued to all policyholders.

Written By: PolicyBazaar - Updated: 21 January 2021
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