The Insurance Regulatory and Development Authority of India (IRDAI) has come out with draft guidelines on allowing policyholders to receive claims settlement in installments, instead of only lump-sum payouts.
While staggered payouts were already offered in life insurance, the regulator is now proposing to allow them in personal accident policies and benefit-based health insurance policies of general insurers as well. Experts say this move on the regulator’s part has several advantages for policyholders. “Customers will get the flexibility to decide on a claim settlement ...
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