What are IRDA guidelines pertaining to Claim processing?
As per IRDA (Insurance Regulatory Development Authority), the Insurance Company is required to settle a claim within 30 days of receipt of all requirements. However, if the claim warrants further verification, the Company should complete its procedures within 6 months from receipt of written intimation of the claim. If the Company settles the claim beyond 6 months period, the interest is payable by the Company on the claim amount. The interest is payable only where the Claimant has submitted all the requirements. Further, rate and period of interest are decided as per IRDA guidelines.
