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India plans to make insurance policy wording simple and clear

The state insurance regulator of India IRDAI intends to propose changes to insurance contracts in terms of the use of "more understandable language" in the coming weeks.
India plans to make insurance policy wording simple and clear

The online resource UkrStrakhovanie learned about this from the IRDAI statement, which had announced the creation of a special committee “to simplify the wording of insurance policies using a language understandable to policyholders.” The committee must review existing policies within two months and propose simple language that is “legally correct and enforceable and clearly defines obligations and responsibilities of the parties.”

Specialists of the Indian insurance industry, heads of specialized associations, a representative of the central bank and external experts are involved in the committee’s work.

The need for changes in the wording of insurance policies has arisen following the IRDAI review and findings that “policyholders often find it difficult to understand the terms and conditions of insurance contracts due to complex language, which prevents them from making informed decisions when purchasing an insurance policy.”

Source: https://www.ukrstrahovanie.com.ua/news/v-indii-planiruyut-sdelat-formulirovki-strahovogo-polisa-prostymi-i-ponyatnymi

Photos are from open sources.

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