Insurance Regulatory and Development Authority of India vide circular dated 28-12-2020 has instructed insurers to provide disclosure of benefit/premium illustration for Health insurance policies issued on floater basis. The benefit illustration shall be made part of the prospectus or sales literature of the product as directed under Consolidated Guidelines on Product filing in Health Insurance Business.
Insurers shall also provide customized benefit illustration in the prescribed format in their websites so as to enable the customers to make out the difference while opting for coverage where:
a) each member of the family is issued an individual policy separately, at a single point in time or;
b) multiple members are covered under a single policy with sum insured available separately for each member under a family plan or;
c) multiple members of the family are covered under a single policy with sum insured available for the entire family, on floater basis; as may be the case.
