Regulations
IRDA asks Bajaj Allianz to adhere to claim settlement norms

The regulator has also directed Bajaj Allianz to put in place a system so that all claims, papers and documents are properly docketed

New Delhi: Taking serious note of violation of claims servicing regulations by Bajaj Allianz General Insurance, the Insurance Regulatory and Development Authority (IRDA) has asked it to “scrupulously adhere” to the norms, reports PTI.

 

“The competent authority has taken serious note of your company’s violation of regulations... of IRDA (PPI) Regulations, 2002, in the matter,” it said in response to complaint filed by an individual with regard to delay in settlement of motor insurance claim.

 

IRDA, however, did not impose any monetary penalty.

 

“While no further charges are pressed for the moment, you are specifically advised to scrupulously adhere to IRDA PPI Regulations, 2002, in all matters regarding claims servicing,” it said in a communication to Tapan Kumar Singhel, CEO, Bajaj Allianz General Insurance Company.

 

The regulator has also directed Bajaj Allianz to put in place a system so that all claims/papers/documents are properly docketed.

 

IRDA guidelines require that general insurance claims should be settled in 30 days of the filing of claims by the insured person.

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COMMENTS

Fresher

4 years ago

Hi there - I have a clarification regarding endowment policy. I have an endowment policy from ING vysya (ING life). The SA is 150000 for 20 years and I have paid 6 yearly premiums till 2012. The bonus accrued is around just 3300/- so far. So after reading this article I have written to them asking the surrender value as of now for my policy and then to decide whether to surrender or not. Hope I would not have much loss from this divorce!!!

Fresher

4 years ago

Hi there - I have a clarification regarding endowment policy. I have an endowment policy from ING vysya (ING life). The SA is 150000 for 20 years and I have paid 6 yearly premiums till 2012. The bonus accrued is around just 3300/- so far. So after reading this article I have written to them asking the surrender value as of now for my policy and then to decide whether to surrender or not. Hope I would not have much loss from this divorce!!!

ICICI Prudential launches retirement plan

ICICI Pru Shubh Retirement would enable consumers to build a corpus during their working years and receive assured regular pension post retirement

Mumbai: ICICI Prudential Life Insurance has launched a new unit-linked pension product ICICI Pru Shubh Retirement, reports PTI.

 

The product aims at protecting the customer’s capital while capturing potential superior returns offered by equity as an asset class with funds being invested in a combination of debt and equity, the company said in a statement.

 

The product would enable consumers to build a corpus during their working years and receive assured regular pension post retirement, company's executive director Puneet Nanda said.

 

This pension product can be purchased by customers in the age bracket ranging from 35 to 70 years and customers can choose a premium paying term of five or 10 years.

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Decision on Chidambaram's appearance before JPC likely soon

Chairman PC Chacko appeared to downplay BJP's demand for calling Chidambaram before the Joint Parliamentary Committee

New Delhi: A decision on calling finance minister P Chidambaram to appear before a parliamentary panel looking into the 2G spectrum issue is expected to be taken this month, reports PTI.

 

The Joint Parliamentary Committee appears to have entered its final few laps with members deciding ‘unanimously’ to complete examination of witnesses by 12 February 2012 after which the drafting of the report would begin.

 

“To call somebody we do not need longer time. It is only a question of sending a notice and their coming before the committee,” chairman PC Chacko said replying to a volley of questions on calling Chidambaram as a witness.

 

At its next meeting on 22 January 2012, former lead auditor RP Singh, who had alleged that he was forced to sign the controversial report of the government auditor on 2G issue, would appear before the Committee.

 

“Some members had written to the Committee to ask RP Singh to appear again in view of some recent statements he had made,” Chacko said.

 

Attorney General Goolam E Vahanvati has also been asked to appear before the Committee on the same day.

 

Chacko also appeared to downplay BJP's demand for calling Chidambaram before the Committee.

 

“You know all what had happened in the past. There were demands, there were walkouts, there were coming backs,” he said, adding that BJP members Harin Pathak and Ravi Shankar Prasad were present at the meeting.

 

BJP member Yashwant Sinha who has been most vocal on calling Chidambaram was not present in the meeting.

 

Meanwhile, members of the Association of Unified Telecom Service Providers of India, which represents CDMA operators, appeared before the Committee.

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