look news india
insurance claims: The Insurance Regulatory and Development Authority of India (IRDAI) said that general insurance companies cannot reject claims due to lack of documents. The circular issued in this regard, which is part of reforms in the general insurance business, will usher in a new era for simple and customer-centric insurance solutions. The comprehensive Master Circular 13 on General Insurance Business also replaces other circulars. IRDAI said that it is now possible to provide easy-to-understand insurance products to meet the individual needs of customers, provide adequate choices to customers and enhance their insurance experience.
No claim will be rejected
The circular states that no claim will be rejected due to lack of documents. The required documents should be sought at the time of accepting the offer. Accordingly, claimants may be asked to submit only those documents that are necessary and relevant for settlement of the claim. Also, retail customers can cancel the policy at any time by informing the insurer, while the insurer can cancel the policy only on proof of fraud.