Comments
To bring about uniformity and transparency in policies sold by life insurers, the Insurance Regulatory and Development Authority (IRDA) has asked all life insurers to adopt a standard form for policyholders seeking insurance cover.
“The objective of this regulation is to provide for a standard proposal form for individual policies in life insurance that has an inbuilt flexibility for seeking specialised information that is product specific to a particular product category,” IRDA said in a notification.
The application form has detailed questions which customers have to fill. Further, it requires insurers, agents and brokers to sign on the recommendations they make to the customers, thereby putting the onus of selling the insurance product on them.
The regulation applies to all individual policies issued by life insurance companies irrespective of segment and type of product.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.