BANKING AFFAIRS

Detailed explanation-1: -However, if your grievance is not resolved within 15 days, or if you are not satisfied with the resolution provided by the insurer you can escalate the issue to next level, i.e., you can take it to the insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI).

Detailed explanation-2: -Is there any time limit to approach the Ombudsman? Yes. Within one year of the rejection by the insurer of the?? representation of the complainant or the Insurer’s final reply to the representation.

Detailed explanation-3: -Answer & Solution Within one year of rejection of the complaint by the insurer can approach an insurance ombudsman.

Detailed explanation-4: -The maximum compensation that an insurance ombudsman office can award is Rs 30 lakh (including costs incurred by complainant), up from Rs 20 lakh prior to revision of rules.

Detailed explanation-5: -Complaint is to be lodged with the Insurance Ombudsman under whose territorial jurisdiction the insurer’s office falls, at the address provided in website / insurer communication which includes policy document. the value of the claim including expenses claimed is not above Rs 20 lakhs.