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Industry Specific - Insurance Central Insurance Regulatory Development Authority Insurance Act, 1938

Press Release: Customer Information Sheet in Health Insurance

30-Oct-2023 | Press Release

Insurance Regulatory and Development Authority of India (IRDAI) has issued a press release regarding the implementation of Customer Information Sheet (CIS) in Health Insurance. The key points are:

1. Objective: The aim is to empower policyholders with a deeper understanding of their insurance coverage.

2. Circular: IRDAI has issued a circular dated 30th October 2023, which mandates the issuance of a concise and updated Customer Information Sheet (CIS) to policyholders.

3. Contents of CIS: The CIS will provide policyholders with important information about their health insurance policy in a simple and easily understandable format. This includes:

Name and type of policy
Coverage details
Waiting periods
Limits and sub-limits
All exclusions
Important concepts (e.g., free look cancellation, migration, portability, moratorium period)
Guidance on claims submission procedures
Contact details and web links for grievance/complaint filing.

4. Policyholder's Obligations: The CIS will also highlight the obligations of policyholders to provide transparent and fair disclosures of relevant material information about their health. Non-disclosure of such information may affect the claim settlement process.

5. Confirmation: Insurers are required to obtain the signatures of policyholders to confirm that they have reviewed and understood the details provided in the CIS.

6. Implementation: The updated CIS will come into effect from January 1, 2024.

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