News From Press Seek out an insurance ombudsman for compensation up to Rs 30 lakh for disputes

Seek out an insurance ombudsman for compensation up to Rs 30 lakh for disputes

Source: Moneycontrol May 23, 2017

The Insurance Ombudsman can now award compensation up to Rs 30 lakh for any disputes related to claims/grievance in an insurance policy.

Insurance Regulatory and Development Authority of India (IRDAI) in a circular has said that any person who has a grievance against an insurer can approach an Insurance Ombudsman for redressal of any grievance arising out of an insurance policy.

These grievances include delay in settlement of claims, any partial or total repudiation of claims by the insurer, disputes over premium paid or payable or misrepresentation of policy terms and conditions. Even servicing related grievances can be brought to the notice of the ombudsman.

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