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Commercial Laws
New IRDAI rules: Here is how policyholders are set to gain from new norms

In order to ensure that the interests of policyholders are protected, Insurance Regulatory and Development Authority of India (Irdai) has come out with Protection of Policyholders’ Interests Regulations, 2017. Every insurer will now have to put terms and conditions of every product that is offered for sale on its website, mention the unique identification number of the product, settle health insurance claims within 30 days from the receipt of the document and put in place proper procedures and mechanism to resolve complaints and grievances of policyholders.A prospectus of any insurance product will state the scope of benefits, the extent of insurance cover, warranties, exclusions and conditions of the cover along with explanations. For life insurance, the prospectus will have to mention whether the product is participating (with profits) or non-participating (without profits).

News Source:- http://www.financialexpress.com/economy/new-irdai-rules-here-is-how-policyholders-are-set-to-gain-from-new-norms/765899/