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IRDAI issues guidelines to make life insurance simpler, more transparent

In a progressive move towards making life insurance simple, easy to understand, enhance transparency for a well-informed decision by a prospect/policyholder, the Insurance Regulatory and Development Authority of India (IRDAI) has issued a Master Circular on the life insurance business. The key highlights of the circular are as follows:

  • Customer Information Sheet (CIS) has been introduced which provides policy-related information in simple and easily understandable language, explaining various policy benefits and terms and conditions so that the policyholders can find a snapshot of the policy in one place.
  • Facility of policy loan is now mandatory in all life insurance savings products enabling policyholders to meet liquidity requirements.
  • Health riders for covering health-related contingencies/emergencies without recourse to surrendering the policies is possible.
  • Facility of partial withdrawal under pension products is now allowed enabling the policyholders to meet their specific financial needs for important life events like higher education or marriage of children; purchase/construction of the residential house/flat; medical expenses, and treatment of critical illness.
  • In case of surrenders, reasonableness and value for money to be ensured for both surrendering policyholders and continuing policyholders.
  • Free look period which provides time to review the policy terms and conditions is enhanced to 30 days from 15 days.
  • Robust systems to be in place for Grievance Redressal.

Please refer to the full text of the Master Circular on the IRDAI website at (

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