IRDAI through circular dated 16.03.2021 has issued modified guidelines for product filing in health insurance business. All policies issued from 01 October, 2021 onwards shall be presented in following format:
- Policy Schedule
- Preamble
- Definitions (to be divided into the following parts with clear demarcation and sub title as under)
- Standard Definitions (Definitions whose wordings are specified by IRDAI)
- Specific Definitions (Definitions other than those mentioned under c(i) above)
- Benefits covered under the policy
- Exclusions (to be divided into the following parts with clear demarcation and sub title including Standard Exclusions (Exclusions for which standard wordings are specified by IRDAI and Specific Exclusions.
- General Terms and Clauses including standard General Terms and Clauses (General terms and clauses whose wordings are specified by IRDAI) and Specific terms and clauses (terms and clauses other than those mentioned under f(i) above)
- Other terms and conditions
- The wordings of all the standard exclusions, standard terms and clauses and standard definitions used in the policy contract should comply with the wordings as specified by the Authority.
