Regulator to revamp customer information sheet for health insurance policyholders

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.