IRDAI Guidelines for Insurers:
1.Timelines on Websites: Insurers must prominently display timelines for proposal form acceptance, policy issuance, endorsements, policy servicing, surveyor appointments, survey report receipt, claim approvals, and settlements. Also, list available and withdrawn products.
2. Base Product Requirement: Each insurer must offer a base product defining minimum coverage in each business line, displayed on the website for comparison with variants or alternatives.
3. Parametric Product Claims: Claims on parametric products will be settled based on specified loss occurrences without evaluating the actual loss amount.
4. Technology Solutions: Insurers must implement end-to-end technology solutions for effective policyholder onboarding, policy servicing, renewals, claim settlement, and grievance redressal.
IRDAI Guidelines
5. Policy Cancellation: Policyholders can cancel anytime without providing reasons. Insurers can cancel for fraud or misrepresentation with a minimum seven-day notice. Premium refunds for unexpired periods are required if no claims have been made.
