The Insurance Regulatory and Development Authority of India (Irdai) on Friday issued an advisory asking insurers to accelerate and ease the claims settlement process for the claimants in the tragic Air India plane crash in Ahmedabad.
The regulator has directed the insurers that no claim should be denied, or delayed citing procedural formalities in the case of confirmed deceased individuals from the passenger list and persons at the affected buildings of the crash area.
To fast-track claims, Irdai has mandated insurers to obtain the authenticated list of victims of the crash from authorities, verify the details as available in the database of the companies on issuance of overseas medical insurance policies, personal accident policies and life insurance policies. Irdai has also asked to waive FIR and post-mortem reports.
In addition, Irdai has asked a dedicated joint cell to be formed by both the Life Insurance Council and General Insurance Council near the hospital where the B J Medical College victims are being treated to provide support by disseminating the information to the insurers immediately on any assistance for health insurance or life insurance policies.
Each insurer is asked to nominate a nodal office at senior level who shall coordinate with the joint cell for speedy settlement of claims of their insurance company.
The regulator has asked insurers to submit a report to Irdai from June 16, on weekly basis for a month regarding the same with both the council also publishing the insurer-wise claims settlement data on their Web sites.
Meanwhile, major life insurers, including Life Insurance Corporation of India and Bajaj Allianz Life Insurance, and HDFC Life are expediting insurance claim settlements for policyholders affected by the crash.
While LIC has announced many concessions to mitigate the hardships of the claimants, Bajaj Allianz Life Insurance has set up a dedicated desk to prioritise the processing claims.
According to HDFC Life, a claim can be initiated by nominees/legal heirs of policyholders by simply providing proof of death issued by the local government, police or hospitals.
-- Aathira Varier, Business Standard
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