IRDA without taking much pain in taking any decision conviniently get the directions from various agencies and make an attempt to implement it. Let us all appreciate the Regulator for making such efforts in establishing new precendents.
Atleast it will be better than the current status, where they have a right to reject the claim even if one has had insurance for 20 years. A step in the right direction - which hopefully will get further refined to a lower verification period
IRDA please don't act in connivence with insurance companies. make it mandatory that once policy is issued that is it, no more verification at any time thereafter.
RE:policy is issued then that is all....................
by sunil gobind sarkar on May 16, 2007 08:48 PM Permalink
IRDA should come up with a regulation that makes it mandatory for the insurance company to carryout the medical examination of the customers at the company's expense at the time of starting new policy for the investor. This will have a verification period reduced to not more than a fortnight and make it customer friendly.
it soounds difficult to believe that u need 5 years to verify a persons health status , we have such advanced tests that need a few hours to determine the status of that person , a better idea to improves ones health is not to renew the policy without doing a comprehensive check up once a year , many diseases will come to light other wise in the normal course nobody bothers to get a check up done, IRDA should make the data base of all such pts which will great to know what diseases are to be looked out for.
just for verification the time limit given for 5 years is ridiculous and eye washing only.they do not want to become investor friendly just they want to show that they are doing something,time limit to be reduced to 3 months only otherwise remove the clause as investors are not interested.do not make fool.
How much time does it take to verify? If the insurance companies do this verification even 1/10th as aggressively as they do their "marketing" (intrusive phone calls included), I don't think they really need 5 years.
Almost all policies have a window of time, so that if I buy the policy today, I can stake claim only after 6 months and not before that, or something similar. I say that the "time for verification" should be made same as this time.
RE:5 years!!!
by navin taneja on May 16, 2007 06:06 PM Permalink
totally agree with you. mkgt calls area big head ache and the services given by the biggest brand is a bigger headache. the maximum time to verify should be of 15 days
The deadline need to be reduced, may be a 2 or 3 year should be fixed. The insurance company must be made to do all thier homework within this timeframe.
RE:Lower the period
by rajappan kesavan on May 16, 2007 05:36 PM Permalink
You are absolutely right in asking to lower the period. I think 3 years is enough to assertain for wrong declaration if any.Even now,there is no enquiry for death claim on completion of 3 policy years.Mr.Kaushik! i fully support your suggestion.
