The Insurance Regulatory and Development Authority of India (IRDAI) on October 30, 2023, issued the notification on the Customer Information Sheet in Health Insurance.
The following has been stated namely: -
• The Customer Information Sheet is designed to provide policyholders all important information about their health insurance policy in simple language in a snapshot which includes the following, among others:
1. Name and type of policy
2. Coverage details
3. Waiting periods
4. Limits and sub-limits
5. All exclusions
6. Concepts like: -
a. Free look cancellation
b. Migration iii. Portability
7. Guidance on the procedure for claims submission
8. Contact details/web links for grievance/complaint filing
• The policyholders are obligated to make transparent and fair disclosures of relevant material information pertaining to their health, as non-disclosure of the same may affect the claim settlement.
• The insurers are also required to obtain signatures of the policyholders confirming that they have noted the details of CIS and received it.
The updated CIS will come into effect from January 01, 2024.
