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Risk products these days have come with no-strings-attached 15 days free-trial offers. Which means your agent will no more be able to push you into signing on the dotted line the moment he finishes his sales talk. A 15-day trial period will provide you enough time to do a rethink on your decision about your choice of risk products. If the policy suits your needs you could keep it else return it and get back your premium amount - a far cry from the days when you blindly bought policies your agent recommended without ascertaining whether it suited your needs or no.
Through the policyholders protection rights, the insurance regulator aims at bringing about total transparency in disclosures by insurance companies and appropriate grievance redressal mechanisms at various levels.
With the introduction of free trial offers on risk products policyholders are able to breathe easy. No more will pushing policies down the throat help. Customers will be able to return the policy in case not satisfied which means an agent will have to disclose every material information to his customer.
The prospectus will have to clearly state the details of the policy, scope of cover, the conditions as also whether the policy is a participating or a non-participating one and the fine print will no more remain so.
Also premium on riders will henceforth be capped at 30 percent of the tariff of the main product delivering a major blow to private insurers since riders have already caught the fancy of individuals and account for a major portion of the policy.
The regulations also make it mandatory for life insurers to state clearly the primary documents that are required to be submitted by a claimant in support of a claim. The insurer upon receiving a claim, it states, should raise all related queries at once and not in a piece-meal manner, within a period of 15 days of the receipt of the claim application.
Claim settlements delays that have been the bane of the insurance industry will be done away with for insurers will have to settle claims within 30 days from the date of receipt of all relevant papers else pay up penalty of 2 percent interest above the bank rate prevailing in that year on the claim amount.