Insurance Regulatory and Development  Authority has issued a circular dt 20.9.2011 vide their reference no –IRDA/HLTH/MISC/CIR/216/09/2011 wherein certain guidelines have been issued for condoning the delay in claim intimation /documents submission with respect to all life insurance contracts and all non-life individual and group insurance contracts while settling the claims of the insurers.It is particularly pin-pointed that- “the current contractual obligation of the insured to intimate the company or submit the papers  within specific time is for the purpose of investigation,loss assessment etc but this condition should not prevent genuine claims when delay is due to unavoidable circumstances”.It further states that- “insurers decision to reject the claim shall be based on sound logic and valid grounds,be noted such limitation clause does not work in isolation and is not absolute.” At the end INSURERS are advised “to incorporate additional wordings in the policy documents ,suitably enunciating insurer’s stand to condone delay on merits for delayed claims when delay is proved to be for reasons beyond the control.”

Previous

Next