Expedite Claim Settlements In Flood-Hit Areas, Finance Ministry Tells Insurers
The finance ministry has asked insurers to expedite the claim settlement process for policy holders affected by floods in different states, including Karnataka, Maharashtra and Kerala, sources said.
The ministry has asked the insurers to clear claims under various policies, including Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Fasal Bima Yojana quickly.
Widespread damage to life and property has been reported from different parts of the country as monsoon rains played havoc in several states.
The Insurance Regulatory and Development Authority of India told life insurers there are reports of loss of human lives and belongings in many states.
With regard to claims involving loss of life, where difficulty is experienced in obtaining a death certificate due to non-recovery of body, IRDAI asked insurers to follow the process adopted during the 2015 Chennai floods.
The companies have been asked to update the insurance regulator about state-wise progress of claims settled on a weekly basis.
Pradhan Mantri Jeevan Jyoti Bima Yojana claims data need to be submitted separately while including the same in total claims, the IRDAI said. It also asked general insurers and standalone health insurers to expedite claim settlements.
The insurers have been told to ensure all claims are surveyed immediately and claim payments are disbursed at the earliest. They have also been asked to engage adequate number of surveyors in the affected areas.