The Insurance regulatory body has added additional layers of protection for policyholders to ensure their interest is well kept in mind and customers are provided prompt and transparent services. For this board approved policies have been laid down for insurers to follow. These are as following:
1. The policy document should include all material information such as guaranteed surrender value for a plan.
2. Bonus and their types that are likely to be declared during the policy term.
3. Details of revival scheme
4. Servicing office e-mail of the insurer for a particular policy.
The above details have to be listed in case of the life insurance policies and for the health insurance schemes.
1. Exclusions have to be detailed
2. In respect of pre-existing disease, waiting period needs to be specified clearly.
3. The availability of policy migration has also to be provided for
4. TPAs need to be mentioned
5. Additionally grievance redressal mechanism has to be put forth.
6. The guidelines also stipulate settlement of claims made within a maximum time of 1 month or 30 days.
So, with the laid down guidelines, the regulator aims to reach a large number of insurable population by making its operation more transparent and also aims at increasing the persistency of its insurance policies.