Health insurance companies, middlemen, and agents are now required to provide all policyholders with a document called the customer information sheet (CIS), according to a recent circular the Insurance Regulatory and Development Authority of India (IRDAI). The purpose of the CIS is to help policyholders address common queries and gain a better understanding of their policy benefits and limitations. It is crucial for policyholders to have easy access to the CIS, so they can refer to it whenever they need clarification.
The CIS should be made available to policyholders in their local language upon request. To ensure readability, the sheet should use a font size of at least 12″ (in Arial) or larger. Furthermore, it is essential that all information provided on the sheet is accurately filled in.
Bhaskar Nerurkar, head of the health administration team at Bajaj Allianz General Insurance, believes that the CIS initiative brings much-needed transparency from the customer’s perspective. He explains that while all the necessary information is already provided to customers, the CIS presents it in a simplified and organized tabular format. For instance, any sublimits or room rent restrictions that may apply to certain policies will be clearly listed in one place, making it easier for customers to understand.
Dr. S. Prakash, chairperson of the Health Committee at the General Insurance Council, agrees that the CIS can be highly useful and prevent delays in claim processing. Given that policy wordings often contain technical and legal language, customers may struggle to comprehend them. By providing an easy-to-understand CIS, common customer queries can be addressed, and policy benefits and limitations can be better understood.
Bhabatosh Mishra, director of claims, underwriting, and product at Niva Bupa, emphasizes the importance of the CIS in minimizing confusion during policy holding or claim processing. He believes that the CIS plays a vital role in ensuring that customers have all the necessary information at their disposal.
In addition to the CIS, it is recommended that a note be included when sending out the main policy document, informing policyholders where to find the CIS. This gesture aims to facilitate policyholders in accessing relevant information whenever they need a clearer understanding of their insurance policies. Should any queries arise, both online and offline assistance can be sought from intermediaries. Customers can also contact the customer support team of their respective health insurance companies for further assistance.