News From Press Insurers to provide details of basic features to customers from Jan 1

Insurers to provide details of basic features to customers from Jan 1

Source: Business Standard Oct 31, 2023

The Insurance Regulatory and Development Authority of India (IRDAI) said that insurance companies must provide their customers details on the basic features of the policy from 1 January 2024.
The decision is set with an aim to simplify the legalese terms in the insurance contract, as it is important for a policyholder to understand the terms and conditions of the policy that has been purchased.

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