Starting January 1, 2024, all insurers in India will be required to provide their policyholders with a simplified policy information document (CIS). The CIS is designed to help policyholders understand the key features of their insurance policy in plain language, without having to wade through complex legal jargon.
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| Insurance policy. |
CIS will include information such as
The name and number of the policy type of policy (e.g., life, health, motor, etc.) sum insured, coverage period, exclusions and waiting periods, claims process.
Policyholders can request a copy of their CIS from their insurance company at any time. It is important to read the CIS carefully and understand the coverage that you have purchased. If you have any questions, you should contact your insurance company directly.
The IRDAI has mandated the introduction of the CIS in order to improve transparency in the insurance sector and make it easier for policyholders to understand their policies. The CIS is expected to be a valuable tool for policyholders when making informed decisions about their insurance needs.
Here are some of the benefits of the CIS,
It will help policyholders understand the key features of their insurance policy in plain language.
will enable policyholders to compare different policies more easily.
will help policyholders make informed decisions about their insurance needs.
improve transparency in the insurance sector.