Benefit illustration must in health insurance plans: IRDAI – The Hindu BusinessLine

Clipped from: https://www.thehindubusinessline.com/money-and-banking/benefit-illustration-must-in-health-insurance-plans-irdai/article33446810.ece

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.

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.