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Insurance Regulatory and Development Authority (Irda) today asked life insurers to extend every possible facilitation in quick and timely settlement of life insurance claims to the affected people of the state of Jammu & Kashmir, which is affected by massive floods.
Under this, Irda has told all life insurers to nominate a senior officer who would act as the Nodal Officer in the state for coordinating/ expediting settlement of all the claims that are reported. The nominated nodal officers may be also advised to contact the Chief Secretary / Officer concerned of the state of Jammu and Kashmir to discuss facilitation measures.
Further, they have been asked to initiate immediate action to ensure that all initial claims are registered and eligible claims are settled expeditiously. With regard to claims involving loss of life, where difficulty is experienced in obtaining a death certificate, due to non-recovery of the body etc., the process followed in the case of the last year's Uttarakhand floods may be followed.
Insurers are also needed to submit a progress report on the claims settled, on weekly basis to the Authority. The weekly report has to be filed until the expiry of twelve months from the date of the instructions or settlement of all reported claims whichever is earlier.
Presently, companies like ICICI Prudential Life, PNB Metlife Insurance and Bajaj Allianz General Insurance have taken steps for dealing with J&K claims. Bajaj Allianz General Insurance has come up with a dedicated helpline number for the J&K flood victims. The customers can reach out to the insurer through this number to register their claims or seek any claims related assistance. A special team has been formed in the Company to handle these cases and efforts shall be made to settle maximum claims on priority.
Similarly, ICICI Prudential Life will initiate claims settlement on the basis of only three documents; which include a death certificate issued by the hospital/armed forces or police, a written claim intimation and a copy of the photo identity of the claimant or nominee. The Company has a dedicated helpline number to assist claimants with information on making claims.
PNB Metlife has set up dedicated Claim Processing Camps in the valley to support disaster victims with the support of Jammu & Kashmir Bank. The camps aim to ensure hassle free claim settlement for the customers across the valley. In view of the grim situation, the claim process has been simplified and requires minimal documentation.
