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Are there any guidelines issued by the IRDA for claim settlement?

April 26, 2017claim guidelines IrDA issued

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Are there any guidelines issued by the IRDA for claim settlement?

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Ans. Yes. According to IRDA, the insurance company is required to settle a claim within 30 days of receipt of all the requirements needed for the purpose. If further verifications are required to settle the claim, the company should complete the procedure within 6 months from receipt of written intimation of the claim. Any settlement that takes more than 6 months will require the company to pay interest on the claim amount.