Monday, August 2, 2021

IRDAI asks insurers for speedy claims settlement in areas hit by cyclone Tauktae and Yaas

Cyclones Tauktae and Yaas have caused the loss of human lives and belongings in several districts of the country. Prime Minister Narendra Modi took stock of the damage wreaked by Cyclone Yaas in Odisha and West Bengal and sanctioned Rs 1,000 crore in financial aid to the cyclone-ravaged states. Financial assistance worth ₹500 crores has been announced to Odisha in the aftermath of Cyclone Yaas.

Prime Minister Modi assured the people of Odisha, West Bengal, and Jharkhand that the Central Government would closely work with the State Governments at this difficult time. He also announced an ex-gratia of Rs 2 lakh to the next of kin of the deceased and Rs 50,000 to the seriously injured in the cyclone.

To mitigate the hardships, The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines for insurers to facilitate quick and timely settlement of life insurance claims of victims affected by these recent cyclones.

The regulator wanted the insurers to launch an extensive awareness campaign highlighting measures taken by the companies.

In view of the pandemic, the insurers should encourage policyholders to use electronic communication wherever feasible for correspondence, while intimating the claim and filing all the relevant documents. Additional efforts should be made to ensure that digital procedures are used for a claim evaluation.

The IRDAI has asked insurance companies to designate a senior level officer as the nodal officer in the affected States/Union territories for coordinating/expediting settlement of all claims reported and maintain close contact for subsequent follow-up.

Health insurance companies have also been asked to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims. The circular also stated that Special attention may also be given to the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

About Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY)

The PMJJBY is available to people between the age group of 18 to 50 years having a bank account who give their consent to join or enable auto-debit. Aadhar would be the primary KYC for the bank account. The life cover of Rs. 2 lakhs shall be for the one-year period stretching from 1st June to 31st May and will be renewable. Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason.

In case of a claim, the nominees of the insured person have to contact the respective bank branch where the insured person was having a bank account. A death certificate and simple claim form are required to submit for the claim amount.

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