The Insurance Regulatory Authority of India vide its notification dated 1st March 2021 has notified norms for sending periodic notices to policyholders to ensure continuity of relationship with policyholders and flow of information in a standard manner.
All the general and health insurers as part of policy servicing, shall communicate the following basic information about the health insurance policy to the policyholders:
Name of Product and policy number, Extent of coverage available by way of available Sum Insured and Cumulative Bonus,Number of insured people covered under policy, Policy period,Number and amount of claim settled (under relevant period), if any, Premium amount due on renewal (to be specified at the time of renewal) etc.
The information shall be communicated by insurers to all the policyholders twice in a year, i.e, 6 months after issuance of policy and at least 1 month prior to the renewal due date. However, in case of a multi-year policy, the information can be shared with a frequency of 6 months from the date of issuance of policy.
Further all the insurance companies shall comply above norms at the earliest and not later than 1st June 2021.
