Money & Banking

Benefit illustration must in health insurance plans: IRDAI

Our Bureau Hyderabad | Updated on December 29, 2020

The new norms need to be adopted on or before April 1, 2021.

A clear benefit illustration should be made an integral part of sales literature of health insurance products issued on a floater basis, according to the insurance regulator.

In a circular on benefit illustration in health cover, the Insurance Regulatory and Development Authority of India (IRDAI) has directed insurers to provide benefit illustration to customers in six age groups beginning from 20 or lower age bracket to over and above 66 years.

This should be attached to every health insurance product’s customer information sheet, the regulator said.

The insurers should also provide a customised benefit illustration in a prescribed format to help them make out the difference between different plans.

All insurers must adopt these norms on or before April 1, 2021, the circular said.

Published on December 29, 2020

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