Health, life insurance policyholders' rights: Master circular issued by Irdai, no claim settlement time limit, other rules.

The Insurance Regulatory and Development Authority of India (IRDAI) released a master circular on the Protection of Policyholders' Interests 2024 on September 5, 2024. If you have a life or health insurance policy, it's important to know these rights. Here are some key points:

1. All insurance policies must be issued electronically. Policies can be digitally signed by the customer. If you prefer physical copies of policy documents or brochures, you should request this from the insurance company and mention it in the proposal form.
   
2. Buying a life insurance policy? Key documents you should receive:
   
   1. The insurer must issue the policy within 15 days of accepting your proposal form.
      
   2. A cover letter informing you of the free look period.
   3. The policy document.
   4. A copy of the submitted proposal form.
      
   5. Benefit illustration copy.
      
   6. Customer Information Sheet
      
   7. Need analysis document under suitability assessment, if applicable.
      
   8. Any other required documents specific to the product.
3. CIS mandatory for all policyholders: Key details to check in a CIS for a life insurance
   policy.
4. 30-day free look period for life insurance policies.
5. According to Irdai, the death claims, except the cases where investigation is required, should be settled within 15 clays of initiating the claim. In death claims where the investigation is required, teh settlement should be done within 45 days of intimation of teh claim.