Insurance Claims

Joshimath subsidence: Irdai asks insurers to expeditiously settle claims

Insurers have also been asked to engage adequate number of surveyors immediately as required and, if need be, consider engaging surveyors from neighboring areas as well

Proposed changes to insurance laws may cause health claim disputes: Unions

The Unions also said the proposed amendments does not define the term liability which may lead to misappropriation by the insurers

2,302 insurance claims of Rs 50 lakh each cleared for Covid health workers

The government told Parliament on Tuesday that 2,302 claims of Rs 50 lakh each have been paid under the insurance scheme for health workers fighting COVID-19, and 465 of these pertain to the families of doctors. Fifty-three claims have been paid to the families of doctors in Bihar, 64 in Uttar Pradesh, 43 in Maharashtra, 38 in Karnataka and 37 each in Tamil Nadu and Andhra Pradesh, Minister of State for Health Bharati Pravin Pawar said in a written reply to a question in Rajya Sabha. Pawar said the Government of India maintains data of total cases and deaths due to COVID-19 as reported by states and Union territories. Disaggregated data on deaths due to COVID-19 by profession or otherwise is not maintained centrally. The Pradhan Mantri Garib Kalyan Package (PMGKP)-Insurance Scheme for Health Workers fighting COVID-19 was implemented with effect from March 30, 2020 to provide an insurance cover of Rs 50 lakh for providing comprehensive personal accident/life insurance cover to around

Insurers juggle surge in claims in aftermath of Bengaluru floods

Three days of heavy rainfall from Sept. 5 saw homes and offices in Bengaluru's IT corridor flooded, sparking chaos and raising questions over poor urban planning.

Fake invoices can lead to insurance claim repudiation, shows a recent order

Aristo Texcon, a private limited company, had its factory in Kolkata's Tangra Industrial Estate. A massive fire occurred on February 19, 2012. Here's what happened when they approached their insurer.

Ombudsmen disposed of 32% more complaints against insurers in 2021-22

Complaints relating to health insurance made up a third of the total number cases disposed of in 2020-21, a period marked by the first wave of Covid-19

Beyond the dotted line: Sign insurance proposal form after a careful read

A client, and not the insurance agent, has to ultimately bear the consequences of not revealing critical information.

Claim can't be avoided by suppressing vital report

The National Commission castigated the insurer for suppressing the second report, which favoured the insured. It concluded this report made it evident the claim was genuine

Health cover premiums shoot up as Covid-19 pandemic threat looms

Premium costs jump 10-15%, driven by large number of claim payouts during pandemic as well as factors such as rising healthcare costs

Inflated claim can lead to zero compensation

The National Commission held that the insurer was justified in refusing to settle the claim as the insured had attempted to fraudulently inflate the claim

Bank deposit insurance cover upped to Rs 5 lakh, refund in 90 days: Goyal

The amount has to be refunded to the depositor within 90 days

12k depositors of Bengaluru coop bank get Rs 401-cr deposit insurance cover

BJP's Lok Sabha MP and the party's Yuva Morcha National President Tejasvi Surya said a total of Rs 401 crore has been disbursed

Insurer can't alter loss assessed by surveyor

The National Commission concluded a surveyor's report must be given due importance unless there are valid reasons for disagreeing with it

Insurance claim to be rejected if lapsed on premium not paid: SC

An insurance claim can be rejected if the policy has lapsed on account of non-payment of premium, said the Supreme Court which stressed that the terms of an insurance policy have to be strictly interpreted. The apex court observation came while setting aside an order of the National Consumer Disputes Redressal Commission (NCDRC) that ordered additional compensation in a road accident case. A bench of Justices Sanjiv Khanna and Bela M Trivedi said it is a well-settled legal position that in a contract of insurance there is a requirement of Uberrima fides i.e. good faith on the part of the insured. "It is clear that the terms of insurance policy have to be strictly construed, and it is not permissible to rewrite the contract while interpreting the terms of the policy," the bench said. The top court was hearing an appeal filed by the Life Insurance Corporation (LIC) against the judgement of the NCDRC that had set aside the order passed by the State Commission. In the case, the woman'

Insurers' Covid-related health claims outgo falls 35% in July-Sept quarter

Settle Rs 5,000 cr of claims in Q2 against Rs 7,700 cr in June quarter; non-Covid outgo rises

Insurance claim can be denied for invalid vehicle registration: SC

An insurance claim can be denied if a vehicle does not have valid registration, the Supreme Court said on Thursday while rejecting a claim in theft of a car which had temporary registration.

Health insurance dominates premium mop-up; motor and crop recover

General insurers have seen Covid-related health claims mount, especially after the second wave of the pandemic

Insurers likely to further tighten underwriting norms for term plans

The source also added that retail term plan prices may go up further, even though the reinsurer has not specified it at this point in time

Claims settlement ratio at 99.25% in FY21: Digital insurer Aegon Life

Digital life insurer Aegon Life on Tuesday said it has achieved a death claim settlement ratio of 99.25 per cent in FY21.

Short claim procedure needed for old policies

Section 45 of Insurance Act says claims can't be rejected in policies older than three years. Then why demand so many papers in such cases?