The IRDAI plans to revise the customer information sheet (CIS) to improve transparency and clarity and make medical insurance policies easier to understand.
At present, such a document is usually provided by insurers at the time of policy purchase and renewal, offering a snapshot of critical policy details. However, the CIS has often fallen short of being user-friendly, reported CNBCTV18.com.
The proposed new CIS would:
- include a section indicating the type of policy the customers hold — whether it’s indemnity, benefit, or a combination of both.
- aim to eliminate confusion over the sum insured, especially in family floater policies, by specifying the insured amounts for both individual and family floater policies.
- merge certain sections, such as payment basis and loss sharing, into a new section called “financial limits of the policy” to provide a clearer picture of the extent of the coverage.
- mention the duration that customers can expect to wait for claim settlement. At present, the CIS does not require health insurers to specify the timeframe for paying claims.
