- It is important for a policyholder to understand the terms and conditions of the policy that has been purchased. Since a policy document may be fraught with legalese, it is imperative to have a document that explains in simple words, the basic features with regard to the policy and provides necessary information.
- With the above objective in mind, the customer information sheet (CIS) has been devised and is to be provided by insurers to all policyholders.
- It is observed that several complaints are still emanating as a result of asymmetry of information between insurer and the policyholder.
- In this backdrop, the existing customer information sheet has been improved and now seeks to convey basic information about the policy purchased in a manner that is easily understood.
- The revised format of CIS (Annexure-A) shall be implemented w.e.f. 01.01.2024.
- Compliance of the following shall be ensured:
- Insurers, intermediaries and agents shall forward the Customer Information Sheet to all policyholders and acknowledgement, physical or digital, shall be duly obtained.
- Customer Information Sheet shall be made available in local language if the policyholder so desires.
iii. The CIS shall have minimum font size 12″ (Arial) or above.
- All details provided for in the CIS shall be duly filled in.
- The policy document forwarding letter shall contain a cross reference to the CIS.
This circular is being issued in terms of Regulation 26 of I RDAI (Health Insurance) Regulations,2016.
