FAQs – Insurance Regulatory Development Authority of India (IRDAI)
Insurance Regulatory Development Authority of India (IRDAI) is a government body created with the aim of protecting your interests. It also regulates and sees to the development of the insurance industry, while monitoring insurance-related activities.
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The claims processing guidelines as per the IRDAI are:
- An insurance company is required to settle your claim within 30 days after receiving all the necessary requirements such as bank details, claim intimation form, and other documents.
- If the claim needs further verification, the company should complete its procedures within 6 months from receipt of the written intimation of the claim.
- If the company settles the claim after the above mentioned 6 months period, then it must pay interest on the claim amount.
- The interest is payable only when the claimant has submitted all the requirements. Further, the rate and period of interest are decided as per IRDAI guidelines.
Insurance Ombudsman is a scheme created by the Government of India for a cost-effective, efficient and impartial settlement of your grievances. There are a 17 Ombudsman offices in India, each covering different regions (jurisdictions). You can file your complaint without paying any cost at an office that covers your jurisdiction.
Once the grievance is lodged, the office of Ombudsman arranges a hearing which is attended by the claimant and the representatives of the insurer. Usually, the Ombudsman declares the award within three months of the hearing. However, you can approach an Ombudsman only if the value of the claim is less than `20 Lakh.