Insurance Policy: IRDAI said that general insurance companies cannot reject claims in the absence of documents.
Insurance Policy: The Insurance Regulatory and Development Authority of India (IRDAI) said that general insurance companies cannot reject claims in the absence of documents. The master circular issued in this regard, which is part of the reforms in the general insurance business, will usher in a new era for easy and customer-centric insurance solutions.
The comprehensive master circular on general insurance business also repeals 13 other circulars. IRDAI said that it has now become possible to provide easy-to-understand insurance products to meet the individual needs of customers, give adequate choice to customers and improve their insurance experience.
Demand for documents related to claim settlement
The circular states that no claim will be rejected in the absence of documents. Necessary documents should be sought at the time of approval of the proposal. According to this, customers can be asked to submit only those documents which are necessary and related to claim settlement.
Customer can cancel the policy at any time
Moreover, retail customers can cancel the policy at any time by informing the insurer, while the insurer can cancel the policy only on grounds of proven fraud.
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