The insurance regulator IRDAI,on Monday, has asked all the general and health insurers to provide certain minimum information to their policy holders,as part of policy servicing, by 1st June 2021
In order to ensure flow of relevant information to policyholders, the new norms are specified by th IRDAI, which have to be communicated by insurers to all their 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 multiyear policy, the information can be shared with a frequency of 6 months from the date of issuance of policy, said the IRDAI
Among the key information, insurers have to provide,
-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,
-Balance Sum Insured and Accrued cumulative bonus available, if any,
-Due date of renewal and premium payment frequency,
– Premium amount due on renewal (to be specified at the time of renewal)
-Grace Period (within 5 days after renewal due date)
-Contact details (for any query or other issues) of customer support service of Insurer, Toll Free No. or e-mail Id etc.
In addition, in the event settlement of any claim under a health insurance policy, the insurer shall also communicate the details of balance sum insured along with the cumulative bonus available, if any, to the policyholder. This shall be notified to the policyholders within 15 days of settlement of claim.
These norms are applicable to all individual (both indemnity and benefit based) health insurance policies, said IRDAI..
The insurer may choose any mode of communication (message, e-mail, letter etc) for the purpose of notifying the above referred information.periodically notify the policyholders certain relevant and key details relating to health insurance coverage available to the policyholders.