I want the Guidelines for Settlement of Claims of Insurance Regulatory and Development Authority of India (IRDAI)?

Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India. The headquarter is at Hyderabad, Telangana.

It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999

Guidelines On Claim Processing For Group Life Insurance Policies Under Lender-Borrower Group Insurance Schemes

The Life Insurance Companies shall obtain from the Master Policyholder, a Credit Account Statement in respect of the Insured Member to whom/whose nominee or beneficiary the claim monies are payable on the happening of the insured contingency with inter alia, the following details:

a) Name of the Group Master Policyholder.

b) Group Master Policy Number.

c) Name of Insured Member.

d) Date of Commencement of Risk.

e) Sum Assured for which the Member of the Group Insurance Policy was insured.

f) Original Amount of Loan.

g) Particulars of the recoveries made by the Master Policyholder towards the Loan.

h) Outstanding Loan Balance as on the date of happening on the contingent event covered.

The Credit Account Statement submitted by the MASTER POLICYHOLDER, shall have the following declaration:

Declaration / Undertaking of the Master Policyholder that the information / details furnished in the CREDIT ACCOUNT STATEMENT are verified for accuracy.

IDRA Guidelines On Claim



Contact details-

Head Office :

Insurance Regulatory and Development Authority of India
3rd Floor, Parisrama Bhavan, Basheer Bagh HYDERABAD 500 004
Telangana State (INDIA )
Ph: (040) 23381100
Fax: (040) 6682 3334

Delhi Office:

Insurance Regulatory and Development Authority of India
Delhi Office – Gate No. 3
Jeevan Tara Building, First Floor
Sansad Marg, New Delhi-110001
Ph: (011) - 2344 4400
Fax: (011) - 2374 7650

Mumbai Office:

Insurance Regulatory and Development Authority of India
Mumbai Regional Office
Royal Insurance Building
12, J. Tata Road, Ground Floor
Mumbai 400 020.
Near Churchgate)
Phone No.: 022- 22898600