New Delhi:To make insurance holders comfortable, many rules are issued by the insurance regulator IRDAI. Now IRDAI has issued a master circular for policy holders. In this circular, the regulator has informed the policy holders about their rights.

If you also have life insurance or health insurance, then you should know about your rights so that no insurance company can do as it pleases. We will tell you about the rights of policyholders in this article.

Physical copy

If you buy insurance online, you get all the information online. But, if you want to get a physical copy of the insurance, you can easily get that too. The company will not refuse for this. Yes, many times the policyholder feels that if he has bought the policy online, then he cannot get the copy in physical format. But, this is not the case at all. If the policyholder asks for a copy in physical format, then the insurance company will provide it to him. However, the policyholder will have to give information about it in the proposal form that he wants a copy of the insurance in physical format as well.

Partial withdrawal within 7 days

Many times the insurance company says that partial withdrawal takes a lot of time. But this is not true. According to the rules of IRDAI, if the customer wants to make a partial withdrawal, then the insurance company gets only 7 business days for this work. If it takes more than 7 days, then the company will have to tell the customer why the partial withdrawal is getting delayed.

Apart from this, once the company accepts the proposal form, it has only 15 days to issue the policy. The company can never take the initial premium along with the proposal form. The company can take the premium from the policyholder only after the policy is issued.

The company will have to provide some documents to the customer after the policy is issued. It is the responsibility of the insurance company to provide the policyholder with a covering letter, a copy of the proposal form, a copy of the benefit illustration and a CIS i.e. customer information sheet after the policy is issued.

You can return the policy

IRDA said that the policyholder has a free look period of 30 days. This means that if a policyholder takes a policy but later does not like that policy, he can return it within 30 days.

Cashless claim will be done in 1 hour

Cashless claim facility is available in health insurance. Earlier, the policyholder had to wait for a cashless claim. But, now it is not so. If the policyholder has made a cashless claim, then its decision should be made within 1 hour of the claim. If the hospital is discharging, then the final authorization should be done within 3 hours. If there is a delay in the final authorization, then the additional expenses of the hospital will be borne by the insurance company.

The policy will be updated automatically

If the policyholder has multiple policies and he makes a claim under one policy. But if the coverage of that policy falls short, then the second policy will automatically become active. Understand it like this, if you have a policy of Rs 1 lakh and Rs 2 lakh. You have claimed Rs 1.5 lakh from a policy of Rs 1 lakh, then because the coverage of the first policy is less, the second policy will be automatically updated. That is, the policy of Rs 1 lakh will give a benefit of Rs 1 lakh and the second policy will give a benefit of Rs 50,000.