New Delhi: The Union Finance Ministry has given an important order to insurance companies regarding flood victims. The Ministry has asked to expedite the process of settlement of claims of insurance holders in various flood-affected states including Karnataka, Maharashtra and Kerala. According to sources, the Ministry has asked insurance companies to settle the claims under various policies including the Prime Minister's Jeevan Jyoti Insurance Scheme, the Prime Minister's Safety Insurance Scheme and the Prime Minister's Crop Insurance Scheme at the earliest.
The flood has caused loss of life and property in several states. In a letter to life insurance companies, insurance regulator IRDA said that there are reports of loss of life and property in states like Kerala, Karnataka, Maharashtra and Gujarat due to heavy rains and floods. The Insurance Regulatory and Development Authority (IRDA) told insurance companies, "Take immediate steps to ensure that the claims involved are settled as early as possible." "IRDA has asked insurance companies to follow the procedure adopted in the Chennai flood in 2015 in cases where there is a problem in obtaining death certificates due to non-availability of the body of the deceased.
Also asks insurance companies to submit state-wise progress reports on settlement of claims on weekly basis. IRDA has also asked general insurance companies and health insurance companies to expedite settlement of claims. They have been asked to ensure that surveys on claims are carried out immediately and distributed as early as possible. Floods have caused severe damage in many parts of the country these days.
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