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Odisha train accident: IRDAI orders insurance companies to settle insurance claims suo moto Insurance
Image Credit: PIB

Odisha train accident: IRDAI orders insurance companies to settle insurance claims suo moto

India Blooms News Service | @indiablooms | 05 Jun 2023, 07:44 pm

Mumbai: The Insurance Regulatory and Development Authority of India (IRDAI) has directed insurance companies to proactively initiate the settlement of claims for the victims of the Odisha train tragedy, The Economic Times (ET) reported.

The insurers have been instructed to promptly contact the administration to obtain the list of individuals who have suffered injuries or lost their lives.

Suo motu settlement, which involves insurers proactively settling claims without the need for application from the affected parties, is typically employed in the aftermath of natural disasters.

The train accident, considered as one of the most severe in India in the past twenty years, claimed 288 lives, with over 1,000 injured passengers currently receiving treatment at various hospitals.

On Monday SBI Life said it has taken steps “to mitigate the hardships of the claimants of SBI Life policies.”

“The company has taken immediate steps to ease the claim settlement process & documentation process which includes receiving alternate valid proofs of the claimants and support the family members of the deceased in this crucial time,” a press release said.

While the rescue operation by the concerned authorities continue, the company has put in place measures and policies to immediately expedite the claim settlement process for providing financial relief to the policyholders who have been the victim of this tragic train accident and their family members, it said. 

“As the company promises to stand by its policyholders as well as their immediate family members, efforts are put in place to ensure our services reach the affected,” read the press release.

On Saturday, LIC (Life Insurance Corporation) announced its commitment to fast-track the settlement of claims to offer financial support to its policyholders impacted by the devastating train accident in Balasore, Odisha.

Expressing deep sorrow for the victims and their families affected by the tragic train accident in Balasore, LIC Chairperson Siddhartha Mohanty on Friday evening said several concessions have been announced to alleviate the difficulties faced by the claimants of LIC policies and the Pradhan Mantri Jeevan Jyoti Bima Yojana, to provide support and relief during this challenging time.

“In lieu of registered death certificates, a list of casualties published by Railway Authorities, Police or any State or Central Government Authorities will be accepted as proof of death. Special Help Desk has been set up at Divisional and Branch level to respond to claim-related queries and for providing assistance to claimants,” Mohanty said in a statement.

For further assistance, claimants may contact their nearest branch, division, or customer zones, the LIC said.

“The claimants may also call at our call centre - 02268276827,” it added.