on the new proposal to the proposer and the copy of the policy bond will have to be given to the proposer within 30 days of acceptance.
While every insurer has a place in the grievance redressal system, an aggrieved consumer can also approach the Insurance Ombudsman for complaints relating to personal claims for a value up to R20 lakh.
The regulator has also mandated that the claim on life insurance will have to be paid within 30 days of receipt of the claim documents and, if delayed, savings bank interest rate has to be paid to the policyholder for the number of delayed days.
In case of claim intimation for non-life insurance, the surveyor has to be appointed within 72 hours of the claim intimation and the report needs to be submitted within 30 days.
Analysts say the delay in non-life insurance-related issues takes place in submitting the report, which ultimately leads to a long delay in claim settlement and litigation.
To expedite redressal of consumer grievances, Irda has set up an Integrated Grievances Management System (IGMS), a web-based interface to ensure that it is accessible at all places on a real-time basis. The interface can also register complaints of the policyholders in physical form, or through email or voice call, and the complaints received will be escalated to the insurance company concerned.
After the policyholder's complaint is registered at IGMS, he will receive confirmation with a token number, which will be used by the regulator and the company to track the complaint. After registering at the website, the policyholder will have to give details of his PAN card, address proof, following which he can monitor the status of the complaint based on the reference number.
The system is integrated with every insurer's complaint management system and the policyholder is kept informed at every step. Moreover, if the policyholder is not satisfied with the resolution provided by the insurer, he can escalate the complaint for a review by Irda.