Insurance Regulatory and Development Authority of India The Insurance and Development Authority (IRDA) on Tuesday said that general insurance companies cannot reject claims in the absence of documents. The circular issued in this regard, which is part of reforms in the general insurance business, will usher in a new era for simple and customer-centric insurance solutions. The comprehensive master circular on general insurance business also repeals 13 other circulars. IRDA said that it has now become possible to provide easy-to-understand insurance products to meet the individual needs of customers, give adequate choice to customers and improve their insurance experience.
No claim will be rejected
The circular states that no claim will be rejected in the absence of documents. The necessary documents should be sought at the time of acceptance of the proposal. According to this, customers can be asked to submit only those documents which are necessary and related to claim settlement. Apart from this, retail customers can cancel the policy at any time by informing the insurer, while the insurer can cancel the policy only on the basis of proven fraud.
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