Quick Settlement Of Claims To Wider Choices Of Products: Check Irdai Master Circular On Insurance

According to the Irdai circular, this move provides an opportunity to develop simplified and easy-to-understand insurance products tailored to meet the individual needs of the customers, providing them with ample choices and enhancing their insurance experience. The shift from rule-based to principle-based regulations facilitates ease of doing business and encourages innovation, enabling faster adaptation to changing market dynamics and allowing for a reduction in the response time for emerging market needs. This would in turn encourage best practices in product design, and pricing, and enable the provision of a seamless journey for the customer. In this context, the master circular is being issued for general insurance business.Says Anuj Parekh, co-founder and CEO, Bharatsure, an insurtech startup: “Irdai has introduced a significant update by revising the CIS. This enhancement aims to provide customers with a clear and concise overview of their policy, covering essential details such as scope, coverage, exclusions, and the claim settlement process. As part of this initiative, customers are required to acknowledge this sheet during the policy purchase process. Through this measure, Irdai aims to enhance transparency in the insurance buying process, which has often been hindered by the complexity of insurance terms.”The master circular shall come into force with immediate effect. It replaces all annexures/circulars relating to the filing of general insurance products. However, any action taken or under process in terms of earlier guidelines and circulars issued on general insurance product matters shall remain valid, according to the circular.

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