IRDAI creates colour codes for health insurance policies

IRDAIThe Insurance Regulatory Authority of India (IRDAI) is introducing a colour code for health insurance policies. Such an initiative enables the insured to understand the level of complexity of a contract when underwriting a health product using three colours: green, orange and red.

This will help reduce sales errors and improves the transparency of the health insurance market.

The colour code is applied only to individual health products.

Read also Indian insurance industry

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