The IRDAI has formed a panel to examine the feasibility of paying out general and health insurance claims in instalments.
“Some general and health insurance companies have proposed payment of claims in instalments in respect of personal accident policies and benefit-based health policies as against lump sum payments,” IRDAI said in a circular.
The concept of settlement of claim benefits in instalments will enable the beneficiaries/claimants to receive payments in a series of pre-determined instalments, reports Hindu Business Line quoting the IRDAI circular.
In order to examine the proposal, the regulator has constituted a working group with Mr Suresh Mathur, ED (Health), IRDAI, as its chairman.
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