IRDAI vide Press Release dated October 30, 2023 has informed about a step towards promoting transparency and enhancing policyholder awareness regarding their Health Insurance Policies. To further empower the Policyholders, in terms of their understanding of the policy, IRDAI has issued a Circular bearing no. IRDAI/HLT/CIR/MISC/190/10/2023 dated October 30, 2023, which mandates issuance of Customer Information Sheet (CIS).
The CIS is designed to provide policyholders all important information about their Health Insurance Policy in a concise format and simple language. The CIS includes:
- Name and type of policy
- Coverage details
- Waiting periods
- Limits and Sub-limits
- All exclusions
- Concepts like- Free look cancellation Migration Portability Moratorium period
- Guidance on procedure for claims submission
- Contact details/web links for grievance/complaint filing
It also highlights the obligations of the Policyholders to make bona-fide disclosures. The insurers are also required to obtain signatures of the policyholders confirming that they have noted the details of CIS and received it. The CIS will facilitate seamless Health Insurance as well as reduce disputes and delays. The new CIS shall come into effect from January 01, 2024.
Source category: IRDAI
Attachments
- /2023/298_Press_Release_on_Customer_Information_Sheet_in_health_insurance.pdf
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