This information is relevant to you if you have health insurance coverage with any firm. Yes, the Insurance Regulatory and Development Authority (IRDAI) has issued a new rule with the interests of the customers in mind. The insurance provider is required by this order to make the Customer Information Sheet (CIS) easier for customers to complete. Under this, the insurance provider will have to give the policy’s fundamental details, such as the insured amount and covered expenses, as well as information on the claim.
The regulation will take effect on January 1, 2024.
Beginning on January 1, customers will receive information about this in the format required. In order to provide customers with a comprehensive explanation, IRDAI has made modifications to the Customer Information Sheet (CIS). The new CIS will go into effect from January 1, 2024, according to a letter from the insurance regulator to all insurance companies. According to the authority, it is critical that the policyholder comprehends the terms and circumstances of the insurance they have chosen.
This letter claims that “The policy’s related
paper may be difficult for the customer to understand.” In this case, the document should be written so that it concisely and clearly conveys the essential details of the policy. Additionally, it should have all of the information. The circular claims that a lot of complaints are being filed because the policyholder and the insurance firm disagree on some topics pertaining to the policy. Changes have been made to CIS with this in mind.
The name of the insurance product or policy
, policy number, kind of insurance product, or policy. And total insured must all be disclosed by the company in the new CIS. In addition, the policyholder will receive information on the costs covered by the policy. Items that fall outside of its purview, the waiting period, and the maximum amount of money that can be covered. The claims procedure, and the grievance resolution process. The circular states that the policyholders must get the information on the modified CIC from the insurance company, mediator, and agent.
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