News From Press IRDAI makes it easier to settle motor insurance claims

IRDAI makes it easier to settle motor insurance claims

With the new proposal, customers can self-declare in case of motor accidents up to Rs 75,000, and for non-motor claims up to Rs 1.5 lakh. IRDAI released its draft exposure for amending the Insurance Surveyors and Loss Assessors Regulations.

Economic Times Nov 4, 2019

In a move that would greatly ease settlement of insurance claims for customers, sector regulator IRDAI proposed to increase the limits for self-assessment of damage on Friday. The current limit for self-declaration by customers for motor accident claims is Rs 50,000, and for fire, home, marine, engineering and other insurance claims it is Rs 1 lakh. Anything above that limit would have to be assessed by an insurance surveyor.

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