Irda Asks Insurance Companies To Speedily Settle Claims In Cyclone Affected Areas

Business Desk, Amar Ujala, New Delhi

Published by: Gaurav Pandey
Updated Sun, 30 May 2021 08:01 PM IST

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The Insurance Regulatory and Development Authority (IRDA) has asked life insurance companies to expedite settlement of life insurance claims in all states affected by cyclone Taukate and Yas. Ordinary and only health insurance companies have been asked to settle the claims of affected policy holders in a fair and speedy manner to reduce their hardship.

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According to various reports, life and property have suffered a lot due to cyclones ‘Toute’ and ‘Yas’. The districts of Maharashtra, Gujarat, Odisha and West Bengal have been affected mainly by the cyclones. In a circular, IRDA has asked life insurance companies to take immediate steps to ensure registration of all claims and prompt settlement of eligible claims.

According to the circular, insurance companies have also been asked to pay special attention to claims under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). It added, “To expedite settlement of claims, wherever possible a suitable simplified procedure including relaxation of general requirements may be considered.”

According to IRDA, in respect of claims related to death, where there is difficulty in obtaining death certificate due to absence of dead body, the procedure to be followed in case of Chennai flood in 2015 can be considered. Insurance companies have been asked to nominate a senior level officer as the nodal officer for coordination in the affected states and union territories and to expedite settlement of all reported claims.

In the case of general insurance companies, IRDA has issued a separate circular saying, “There is a need to ensure that all claims are surveyed immediately and the claim payment is disbursed at the earliest.” In any case the settlement is within the stipulated time frame. ‘

Detailed

According to various reports, life and property have suffered a lot due to cyclones ‘Toute’ and ‘Yas’. The districts of Maharashtra, Gujarat, Odisha and West Bengal have been affected mainly by the cyclones. In a circular, IRDA has asked life insurance companies to take immediate steps to ensure registration of all claims and prompt settlement of eligible claims.

According to the circular, insurance companies have also been asked to pay special attention to claims under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). It added, “To expedite settlement of claims, wherever possible a suitable simplified procedure including relaxation of general requirements may be considered.”

According to IRDA, in respect of claims related to death, where there is difficulty in obtaining death certificate due to absence of dead body, the procedure to be followed in case of Chennai flood in 2015 can be considered. Insurance companies have been asked to nominate a senior level officer as the nodal officer for coordination in the affected states and union territories and to expedite settlement of all reported claims.

In the case of general insurance companies, IRDA has issued a separate circular saying, “There is a need to ensure that all claims are surveyed immediately and the claim payment is disbursed at the earliest.” In any case the settlement is within the stipulated time frame. ‘

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