Insurance regulator IRDAI has issued a master circular regarding the rights of insurance policyholders. This circular includes the time limit for claim settlement of both e-insurance policies, health life insurance policies and the rights of policyholders with multiple health insurance policies. The main points of the circular are as follows.
All insurance policies in e-format
All insurance policies must be issued in electronic format. e-insurance policies can be digitally signed by the customer. Customers can request the insurance company that they want the policies to be issued in physical format. Keep in mind that if you want the policy documents or brochures in physical format, you must mention it in the proposal form.
Time limit
The insurance company must issue the policy within 15 days of accepting the proposal form. Under the new rules, the insurance company is not allowed to collect the initial premium along with the proposal form.
Documents to be obtained
Along with the insurance policy, the policyholder must obtain the following documents from the insurance company like, covering letter for the policy document mentioning the free look period, policy document, a copy of the proposal form submitted by the prospective customer, copy of the benefit illustration, customer information sheet etc.
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CIS Mandatory
Customer Information Sheet (CIS) is an important document that companies mandatorily provide to their customers along with their insurance policies. It serves as a summary of the key features and benefits of the policy. It ensures that policyholders are well informed about their coverage.
30 Days Free Look Period For a life insurance policy of one year or more, the policyholder will have a free look period of 30 days. If the policyholder is dissatisfied with the terms or conditions of the policy, he has the option to return the policy to the company for cancellation within these 30 days.
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