IRDA Guidelines for Claim Settlement

• Any additional requirement in death claim should br raised within 15 days of receipt of claim
• Any decision in the claim shall be intimated to the customer within 30 days of submission of all relevant papers.
• If a claim requires a detailed investigation,such intensification would be completed within 6 months from receipt of claim.
• If there is a delay in paying claim due to" Payee not Identified",insurer shall provide an additional amount  equivalent to interest of savings bank on such claim amount.
• If the delay in claim is from insurer's side,insurer shall pay 2% more than savings bank interest on claim amount.
• Section 45 - Indisputability clause
• In the first two years of the policy, if the insurance company comes to know that some material fact has not been disclosed by the proposer, it can declare the policy to be null and void. the insurance company can also keep all the premium paid.
• After 2 years fraud  must be established by the insurance conpany it it wants to declare the policy void.