IRDAI has issued a Circular dated 30.10.2023 mandating issuance of a concise and updated Customer Information Sheet (CIS) to the policyholders. It is clarified that the CIS 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:
a) name and type of policy
b) coverage details
c) waiting periods
d) limits and sub-limits
e) all exclusions
f) concepts likei. free look cancellation
ii. migration
iii. portability
iv. moratorium period
g) guidance on procedure for claims submission
h) contact details/web links for grievance/complaint filing.
Additionally, it also highlights the obligations of policyholders 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 1, 2024.
