A master circular on Protection of Policyholders' Interests 2024 has been issued by IRDAI

September 07, 2024
Current Context: The Insurance Regulatory and Development Authority of India (IRDAI) issued a master circular on September 5, 2024, titled “Protection of Policyholders’ Interests 2024.”
A master circular on Protection of Policyholders' Interests 2024 has been issued by IRDAI
  • This circular aims to enhance transparency and efficiency in the insurance sector by consolidating various guidelines and regulations into a single document.
  • Some key highlights include:
    • Electronic Issuance of Policies: All insurance policies must now be issued electronically, although policyholders can request physical copies if preferred.
    • Free Look Period: A 30-day free look period is applicable for life and health insurance policies, allowing policyholders to review the terms and conditions.
    • Claim Settlement Timelines: The circular outlines specific timelines for claim settlements to ensure timely service.
  • This initiative is designed to better inform policyholders about their rights and streamline the processes related to insurance policies.

Question:

1 Under the new IRDAI circular, what is the standard mode of issuing insurance policies?

  • A) Electronically
  • B) Physically
  • C) By postal mail
  • D) Via phone call

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