Insurance Ombudsman
An insurance ombudsman is a statutory office created by Government of India for quick disposal of the grievances of the insured customers and to make the problem redressal process simpler.
Ombudsman's powers are restricted to insurance contracts of value not exceeding Rs. 20 lakhs and are for personal insurances only. Therefore the office of ombudsman is not to be approached for grievances of organization.
The complaint may relate to any grievance against the insurer i.e.
(a) partial or total repudiation of any claim under an insurance policy;
(b) the amount of premium paid or payable for a policy;
(c) the legal construction and interpretation of a policy for considering a claim under the policy;
(d) delay in settlement of claims;
(e) non-issuance of a policy after receipt of premium.
The Ombudsman may pass awards on the matters of complaint brought to him and the same shall be be honoured by insurance companies within three months. The insured however may explore other avenues like consumer forums if he is not satisfied with the decision of the ombudsman.
For further and more complete details the following links are available:
The site of IRDA (http://irdaindia.org/) - please follow the link for ombudsman
Role of Insurance Ombudsman - Report in Financial Express
posted by Venkat at
3:32 PM
2 Comments:
very informative and concise content -true to its name -insurance made easy .
Information not many outside the Insurance or Corporate sector are aware of
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