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.