IRDAI new claim settlement rules: Insurers to settle claims within 7 days, surveyors to submit reports within 15 days, check other details

One of the most notable changes is the introduction of flexible policy durations. Customers can now opt for insurance policies that span less than a year, annual, or even more than a year, providing more choices to fit individual needs and preferences

The Insurance Regulatory and Development Authority of India (IRDAI) has introduced a series of new rules that are set to significantly impact your general insurance policies, such as motor, health and home insurance, making them more customer-friendly and efficient. These changes are geared toward faster claim settlements, innovative insurance products, and reducing burdens on policyholders

One of the most notable changes is the introduction of flexible policy durations. Customers can now opt for insurance policies that span less than a year, annual, or even more than a year, providing more choices to fit individual needs and preferences.

The important part is that the claim settlement process has been standardised and streamlined. The allocation of surveyors through a tech-based solution by the General Insurance Council now must occur within 24 hours of the claim report. Furthermore, surveyors must submit their survey reports within 15 days of allocation. Once the insurer receives the survey report, they need to decide on the claim within 7 days. This accelerated timeline is designed to reduce delays and enhance customer satisfaction.