Simplified health insurance policy document available from today: How it looks, what it includes & more

Name and type of policy

Coverage details

Waiting periods

Limits and sub-limits

All exclusions

Concepts like free look cancellation, migration, portability, moratorium period

Guidance on the procedure for claims submission

Contact details/web links for grievance/complaint filing

Insurers will now provide CIS in the local language too, if requested by a policyholder. The font size on the CIS would be a minimum of 12 (Arial) or larger to ensure readability.

All sections of the CIS will be completed, leaving no room for ambiguity.

The IRDAI's updated CIS holds approximately 13 key points, echoing the structure of its predecessor. However, several important additions distinguish the new CIS.

Notably, insurers are now obligated to specify the sum insured for both individual and family floater plans, a vital detail that was previously absent.

Additionally, the revamped CIS requires insurers to furnish essential information like the turnaround time for claim settlements, web links to hospitals, hotline numbers, and necessitates policyholder signatures to confirm receipt of the CIS details.

The need for change stems from the growing number of complaints due to a lack of symmetry in information between insurers and policyholders. Policy documents, often laden with legal jargon, can be intimidating and confusing for the average policyholder.

The CIS aims to bridge this information gap and empower policyholders with a better understanding of their insurance policies.

Explaining the rationale behind the revamped CIS, the IRDAI stated, "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 concerning the policy and provides necessary information."