New Delhi [India], In a bid to simplify the insurance landscape, the Insurance Regulatory and Development Authority of India (IRDAI) has introduced major reforms in the motor, health and home insurance sectors. The new set of reforms has introduced Customer Information Sheet (CIS) to provide clear and concise policy details including scope of coverage, exclusions, warranty and claim settlement procedures.
The regulator said in a release titled Reforms in General Insurance Business that these measures will be helpful in simplifying the insurance sector, effectively enhancing customer-centric insurance solutions. It said the reforms would help insurers in their operations.
According to the new rules, consumers will have the option to choose half-yearly, annual or longer than a year insurance policies, providing more options to suit individual needs and preferences.
IRDAI has introduced a Customer Information Sheet (CIS) to provide clear and concise policy details including scope of coverage, exclusions, warranties and claim settlement procedures.
No insurance claim will be rejected citing lack of documents. Customer may be asked
Submit only those documents which are required as per the new rules and related to claim settlement.
Retail customers can cancel the policy at any time by notifying the insurer. The policy can be canceled by the insurer only if there is fraud involved. The customer will receive a refund in proportion to the premium amount on the unexpired policy period on cancellation.
Insurers will have to offer pay-as-you-drive and pay-as-you-go options to customers as their first choice in motor insurance policies.
The homeowner will have the option to choose add-on covers like flood, cyclone, earthquake, landslide, rock slide, terrorism in the “Fire” policy or opt out of the comprehensive fire and allied risks policy.
The regulator said in a release titled Reforms in General Insurance Business that these measures will be helpful in simplifying the insurance sector, effectively enhancing customer-centric insurance solutions. It said the reforms would help insurers in their operations.
According to the new rules, consumers will have the option to choose half-yearly, annual or longer than a year insurance policies, providing more options to suit individual needs and preferences.
IRDAI has introduced a Customer Information Sheet (CIS) to provide clear and concise policy details including scope of coverage, exclusions, warranties and claim settlement procedures.
No insurance claim will be rejected citing lack of documents. Customer may be asked
Submit only those documents which are required as per the new rules and related to claim settlement.
Retail customers can cancel the policy at any time by notifying the insurer. The policy can be canceled by the insurer only if there is fraud involved. The customer will receive a refund in proportion to the premium amount on the unexpired policy period on cancellation.
Insurers will have to offer pay-as-you-drive and pay-as-you-go options to customers as their first choice in motor insurance policies.
The homeowner will have the option to choose add-on covers like flood, cyclone, earthquake, landslide, rock slide, terrorism in the “Fire” policy or opt out of the comprehensive fire and allied risks policy.
