The Insurance Regulatory and Development Authority of India (IRDAI) on March 01, 2021 has issued a circular on communications of basic information on health insurance policies to policyholders.
The following norms have been specified:
• Basic information about the health insurance policy shall be informed by the policy holders.
• The information shall be informed by the policy holders twice in a year. Once after the issuance of policy and 1 month prior to the renewal due date of the policy.
• The details of the balance amount for the purpose of settlement shall be given by the policy holders within 15 days of the settlement of claim.
• For the notification of information any mode of communication shall be chosen by the policyholder.
[Circular No. IRDAI/HLT/REG/CIR/038/03/2021]
