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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Once we receive a written intimation and all the required documents, we assess, settle and communicate the decision. We transfer most of our pay-outs through electronic modes, to speed up the claim settlement process.
|Turn Around Time as mandated by Insurance Regulation and Development Authority of India (IRDAI)||Death claims||Health claims|
|Raising Claim Requirements||Within 15 days of receipt of claim||Within 15 days of receipt of claim|
|Settlement or Rejection or Repudiation of claims wherein Investigation is not required||Within 30 days from the date of receipt of last necessary document||Within 30 days from the date of receipt of last necessary document|
|Settlement or Rejection or Repudiation of claims wherein Investigation is required||Investigation should be completed not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter||Investigation should be completed not later than 30 days from the date of receipt of last necessary document and the claim shall be settled within 45 days from the date of receipt of last necessary document|
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.