IRDA is short for the Insurance Regulatory Development Authority, that has been set up to protect the interests of the policy holders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. [This definition has been taken from the IRDA website]
IRDA has set guidelines for processing of Claims
As per IRDA, the Insurance Company is required to settle a claim within 30 days of receipt of all requirements.
However, if the claim warrants further verification, the Company should complete its procedures within 6 months from receipt of written intimation of the claim. If the Company settles the claim beyond 6 months period, the interest is payable by the Company on the claim amount. The interest is payable only where the Claimant has submitted all the requirements. Further, rate and period of interest are decided as per IRDA guidelines.
Also read Duties, Powers and Functions of IRDA
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Tags: Insurance, insurance policy