The Insurance Regulatory Developmental Authority of India (IRDAI) on IRDAI 30, 2023, issued a circular on the revision of the Customer Information sheet.
It is important for a policyholder to understand the terms and conditions of the policy that has been purchased. Since a policy document may be fraught with legalese, it is imperative to have a document that explains in simple words, the basic features with regard to the policy and provides necessary information.
With the above objective in mind, the customer information sheet (CIS) has been devised and is to be provided by insurers to all policyholders.
It is observed that several complaints are still emanating as a result of the asymmetry of information between the insurer and the policyholder.
Against this backdrop, the existing customer information sheet has been improved and now seeks to convey basic information about the policy purchased in a manner that is easily understood.
The revised format of CIS is attached to the document as annexure A and shall be implemented w.e.f January 01, 2024.
[Notification No. IRDAI/HLT/CIR/MISC/190/10/2023]
