In India, health insurance remains limited due to a lack of easily accessible information. Customers often struggle to find crucial details about their health insurance policies, such as coverage, claims, and settlement processes.
But relief is on the horizon, as the Insurance Regulatory and Development Authority of India (IRDAI) has stepped in to address this issue.
IRDAI’s Directive
IRDAI has issued a directive to insurance companies, setting a deadline for change.
All insurance companies must update the Customer Information Sheet (CIS) for health insurance policies, making vital policy information easily accessible. These changes should be implemented by January 1, 2024.
What’s in the CIS?
IRDAI has outlined the essential information that must be included in the CIS. This information encompasses policy type, coverage details, waiting periods, limits and sub-limits, exclusions, free-look periods, portability, guidance on the claims process, and contact details for complaints.
Understanding CIS
The Customer Information Sheet (CIS) is a summary document of the policy that highlights its key points.
Insurance companies typically provide this document to customers when they purchase or renew policies.
Starting from January 1, the format of the CIS will be revamped, making it more user-friendly.
Enhanced Access
IRDAI has emphasized that insurance companies, intermediaries, and agents must provide the updated CIS both digitally and physically to policyholders.
Furthermore, if a policyholder wishes, the CIS should be available in their local language. The font size in the new CIS will be at least 12 (Arial), ensuring readability.
Insurance companies are also required to obtain customer signatures, confirming their receipt and understanding of the CIS.
