Life insurance is almost a basic need. It’s
the first step in Personal Financial Planning. It fulfills different purposes
for different people and can provide valuable benefits if you make your choices
carefully.
Like many think mistakenly, it is not just
for financial protection in the event of untimely death of a family
breadwinner. Term Life Insurance can also be a comprehensive wealth accumulation
solution that benefits almost all. Whether you are young or old, rich or poor,
employed or a business person - you can get a plan tailor made for you.
To ensure that this objective is
met in totality, IRDA has set up various checks and balances.
In case of any claim dispute, you/ the
nominee can approach the Insurance Ombudsman which is a non-judicial authority
formed. The Insurance Ombudsman has been empowered to redress claim
disputes up to INR 20 lakh within a limited timeframe.
With 12 centers spread across the country, your insurer must update you
(through the policy document) about the Insurance Ombudsman in whose
jurisdiction its office falls for the purpose of grievance redressal. The
decision passed by the Ombudsman is binding on the insurer, though not on you/ nominee.
In case you are still dissatisfied, you/nominee can approach the judiciary or
the Consumer Forum as well.
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