Optima Insurance Brokers Pvt. Ltd.

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Our views on important risk issues and emerging risks.

A Master circular by IRDAI makes key reforms in Indian General Insurance

The Insurance Regulatory and Development Authority of India (IRDAI) introduced a comprehensive Master Circular to simplify and modernize the general insurance sector in India as part of reforms and repealed many circulars. The non-life sector will witness the emergence of customer-centric insurance solutions for seamless experience and operational ease for insurers.

Wider product choices and customization will enable customer-centric insurance products and flexibility in covering specific assets, risks, and liabilities.

New Customer Information Sheet (CIS) will provide clear and concise policy details, including scope of coverage, exclusions, warranties, and claim settlement processes for transparency and policyholders’ improved understanding.

Document submission simplification aims to ensure that claims cannot be rejected due to deficiencies in documents. Necessary documents are called for during underwriting, and only essential documents are required for claim settlement if cashless options are unavailable.

Policy cancellation has been eased for retail customers while Insurers can cancel policies only on grounds of established fraud, with proportionate premiums refunded for the unexpired period.

The Master circular aims to expedite claims settlement, by introducing:

Strict timelines: Insurers must adhere to stringent timelines in the appointment of surveyors and in obtaining their reports.

Salvage disposal: Insurers, not customers, handle the disposal of salvage, ensuring policyholders receive their full claim amounts.

Innovative options in motor and home insurance have been included such as “pay as you drive” and “pay as you go” choices, aligning premiums with actual usage.



Optima’s core group has more than 100 man-years of experience in insurance. Our experience has trained us in reading the fine print of insurance policies, understanding it and applying it for the benefit of our clients.

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