IRDAI has mandated a new format for issuing such a document – termed customer information sheet (CIS) – along with policy documents at the time of purchase and renewal. The purpose is to provide a quick summary of crucial policy terms and conditions, as policyholders may not be able to pore over and absorb the voluminous policy documents.
Even at present, insurers have to share this CIS – for which a standardised format was originally introduced in 2020 – with policyholders, but the newer, updated version comes with explanations in simpler language.
