 "insurance")
The insurance regulator on Thursday issued guidelines on standardising general terms and clauses in indemnity-based health products. These directions were issued to simplify the buying experience for consumers and ensure uniformity across the industry.
In its attempt to simplify the clauses and wording used in health products, the Insurance Regulatory and Development Authority of India said insurers have to make sure they incorporate the same wording prescribed by the regulator.
These guidelines will be applicable to all new products filed by insurers from October 1 and existing health products have to adhere to the guidelines by April 1, 2021.
According to the guidelines,
