General insurance companies cannot reject claims for want of documents, as stated by the Insurance Regulatory and Development Authority of India (IRDAI).
IRDAI announced that the facilitation of easily comprehensible insurance products, customized to address the specific requirements of customers, offering a wide range of options, and improving their overall insurance journey has now been enabled.
Additionally, retail customers have the option to cancel their policy at any time by notifying the insurer. The insurer is only authorized to cancel the policy in cases of confirmed fraud.
Claims will not be denied due to missing documents. The necessary documents will be requested during the underwriting of the proposal. Customers will only be asked to provide documents relevant to claim settlement if cashless is unavailable.
Pay as you go
Additional options of ‘pay as you drive’/ ‘pay as you go’ to be given as a first choice to the customer in motor insurance,” the circular said and added there should be no burden on the customer for disposal of salvage.
It further said that homeowners’ “fire” policy should have the option to choose add-on covers such as flood, cyclone, earthquake, landslide, rockslide, terrorism or to opt-out from comprehensive fire and allied peril policy.
👉 Click here to read the latest Gujarat news on TheLiveAhmedabad.com