Insurance Claim News

While some insurers are still in the process of giving the products a defined structure, others shared details about what the products are and when they are expected to be available.

Residential status would not impact the settlement of your claim

Uncertainty around deal flow and deal completion to continue for some time to comeExpect restructuring and distress M&A work to go up once claims under the Insolvency and Bankruptcy Code resume

The permissible blood alcohol content (BAC) is set at 0.03% per 100 ml blood in IndiaTarun Mathur, Policybazaar.com said the permissible limits are generally mentioned in traffic laws from a safe driving perspective

Claims, grievances and persistency must be broken down by product

Insurers have been asked to fast track the claims settlement process by appointing nodal officers in the flood-hit regions and by setting up toll-free numbersPolicyholders must intimate the insurer about the loss immediately either by writing or calling on the toll-free number

Claim settlement ratio is the ratio of the number of claims that the insurer has paid over the number of claims filed by the nominees during a particular periodIt’s important for a customer to look into this number to get an idea of how efficiently and quickly the claims are processed by an insurer

Claims for motor and health insurance see a spike during the annual rainy seasonHome insurance claims see a jump from areas that witness very heavy rains and flooding.

To ensure fair and transparent claim settlement procedures, insurers have been asked to notify about the claim’s status at various stages of its processingYou can use the claims reference number to track the claims status through a portal, website, an app of the insurance company or any authorised electronic means

Policyholders of defined-benefit health insurance policies may be given the choice to get claims in instalments or lump sum or a combination of bothThe new guidelines will now allow claimants to have a regular source of income for a reasonable amount of time