New Delhi: Insurance Regulatory and Development Authority of India (IRDAI) has released a master circular that shall apply to every single existing general insurance product and every add-on cover.
The IRDAI Circular issued on 11 June added that no claim shall be rejected for want of documents. All the required documents shall be called at the time of underwriting the proposal. The customer may be asked to submit only those documents that are directly related to the claim settlement such as claim form, driving license, permit, fitness, FIR, un-traced report, fire brigade report, post mortem report, books of accounts, stock register, wage register, repair bills (only in cases where cashless is not available), wherever applicable.
The circular on IRDAI (Insurance Products) Regulations 2024 –General Insurance that replaces all earlier Guidelines/circulars of General Insurance Products, is applicable immediately.