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

The Insurance Regulatory and Development Authority of India (IRDAI) has implemented transformative changes in general insurance policies, enhancing customer convenience and efficiency. Notable among these is the introduction of flexible policy durations, offering options spanning less than a year to over a year. \r

Claim settlement procedures are now standardized, with accelerated timelines for surveyor allocation, report submission, and final decision, aimed at expediting settlements. Documentation requirements have been simplified, with no rejections due to document deficiencies, and simplified procedures for claim-related documents. \r

Additionally, motor insurance now offers "Pay as you Drive," "Pay as you Go," and "Pay as you Use" options, aligning premiums with actual usage. These reforms, including tech-enabled concepts and usage-based products, signify a customer-centric shift, ensuring dynamic, efficient, and streamlined motor insurance experiences.