Important Update for Health Insurance Holders

Health Insurance

In the ever-changing world of health insurance, staying informed about policy changes is crucial for policyholders. Recently, the Insurance Regulatory and Development Authority of India (IRDAI) introduced a groundbreaking rule aimed at enhancing customer experience—the Customer Information Sheet (CIS) simplification. 

This article is all about breaking down this new rule, looking at how it’s shaking things up in the insurance world, and why it’s good news for people who have insurance.

Understanding the Upcoming Changes: IRDAI’s Modified Customer Information Sheet (CIS)

The Significance of the Changes

The modifications come as a result of IRDAI’s commitment to ensuring that policyholders have a clear understanding of their insurance coverage. By restructuring the CIS, the regulatory authority aims to simplify complex policy details and make them more accessible to customers.

Implementation Timeline

The changes are set to go into effect on January 1, 2024, as communicated by a letter from IRDAI to all insurance companies. This timeline provides insurers with the necessary preparation time to adapt their systems and processes to comply with the new CIS format.

Key Features of the Modified Health Insurance CIS

  • New CIS format designed for enhanced customer comprehension.

  • Includes crucial details: insured amount, covered expenses, and claims process information.

  • Changes intended to empower policyholders with a transparent view of their insurance policies.

Communication from IRDAI

  • Insurers, intermediaries, and agents are mandated to send the Customer Information Sheet (CIS) to all policyholders.

  • Acknowledgement, whether in physical or digital form, must be appropriately obtained.

  • The Customer Information Sheet should be provided in the local language upon the policyholder’s request.

  • The CIS must have a minimum font size of 12” (Arial) or above.

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