In countries like India, the penetration of health insurance is still very low. The biggest reason behind this is said to be the inability to get the necessary information at one place. Customers face problems in getting many important information related to health insurance like coverage, settlement, time taken for claim, claim process etc. Now IRDAI has taken cognizance of this and soon this problem of yours is going to be completely solved.
Insurance companies got this time
Insurance regulator IRDAI has asked all the insurance companies to Clear instructions have been given regarding this matter. All companies have been asked to update the Customer Information Sheet (CIS) for the health insurance policy, in which all the important information related to the policy is highlighted. Companies will have to explain all the main points of the policy in CIS in a clear and simple manner. For this, insurance companies have been given time till January 1, 2024.
This information will be in CIS
IRDA has also told what information is necessary to be disclosed in CIS. The information to be mentioned in CIS includes policy type, coverage details, waiting period, limits and sub-limits, exclusions, free-look period, portability, guidance on claim submission process, contact details for filing complaints etc.
What is CIS in Insurance
Let us tell you that Customer Information Sheet i.e. CIS is the policy document in which all the main points of the policy are mentioned in the form of a summary. Generally, all insurance companies provide customer information sheet to the customers while purchasing or renewing the policy. Now its format is going to change from January 1. The new format is going to be clear and simple for the customers.
Customers will get these facilities
IRDA has also said that all the insurance companies, intermediaries and agents will provide updated information to all the insurance holders. CIS will be made available both digitally and physically. If any policyholder expresses his desire then CIS will have to be provided to him in his local language also. The font size of CIS will be at least 12 (Arial). Insurance companies will be required to obtain signatures from customers acknowledging that they have received and have understood the CIS.
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