The Insurance Regulatory and Development Authority, or Irda, has launched a website especially dedicated to consumer education, www.policyholder.gov.in. This website aims to educate policyholders and prospective buyers on various insurance services and related issues.
What kind of information can you access?
You can also get information on how to buy insurance and how to make a claim. Apart from your duties and rights as a policyholder, the website also lists the measures the regulator has pout in place to protect consumers, such as portability of health insurance policy and free-look period in policies. It dispenses details of the types of frauds that you as a consumer need to be aware of.
The website lets you download free e-handbooks on life, health, property and life insurance. It also has a handbook on intermediaries, which tell you about roles and guidelines and rules regarding the same. For instance, it tells you the difference between an insurance agent and an insurance broker and explains what surveyors and third-party administrators are.
Filing complaints
If you need to file a complaint about an issue regarding your insurance policy or insurance company or even your agent or broker, this website could be of great help. This website tells you how to make a complaint and the framework of complaints. It gives an approximate turnaround time for various services that an insurance company offers. Turnaround time is the maximum time a company should take for a particular service. For instance, for life insurance, in case of death claim settlement without the requirement of investigation, the maximum turnaround time should be 30 days. Then, for general insurance, the acknowledgement of the grievance you file should reach you within three days.
The website guides you on the process of filing a complaint and also gives the various channels available for consumers to file complaint. It gives details on the Integrated Grievance Management System, where you will get more information about each insurance company’s grievance details, such as website and contact details. It also gives details about the insurance ombudsman.
What can you do?
Irda has launched the website and wants your feedback and suggestions on the same. You can send your response on or before 21 May. You may send an email to ypriyab@irda.gov.in.
