Insurance Limit of Rs. 30 Lakh in Insurance Compensation is Required

Insurance Ombudsman (Mumbai Metropolitan Area rather than Thane and Navi Mumbai), Milind Kharat – the Insurance Lokpal office requires raising the limit of Rs. 30 Lakh on the compensation amount to the insured, as per the Insurance Ombudsman Law, 2017. While speaking at the Insurance Ombudsman Day Function of Ombudsman Office, insurance cover of Rs. 1 Crore is now very common in case of Personal Accident, Term Insurance and Health Insurance policies. However, the cap on the compensation is Rs. 30 Lakh.

Read More

Get ₹5 Lac Health Insurance starts @ ₹200/month*
Tax Benefitup to Rs.75,000
Save up to 12.5%* on 2 Year Payment Plans
7 Lakh+ Happy Customers

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Get insured from the comfort of your home No medicals required
I am a

My name is

My number is

By clicking on ‘View Plans’ you, agreed to our Privacy Policy and Terms of use
Close
Back
I am a

My name is

My number is

Select Age

City Living in

    Popular Cities

    Do you have an existing illness or medical history?

    This helps us find plans that cover your condition and avoid claim rejection

    Get updates on WhatsApp

    What is your existing illness?

    Select all that apply

    When did you recover from Covid-19?

    Some plans are available only after a certain time

    Insurance Ombudsman:

    The source also put lights on the need to increase the level of awareness amongst the insurance consumers. “A lot of times, they agree with the insurance company’s decision as they don’t know that they can get hold of the Lokpal”, he said. Out of about 27,808 complaints operated during 2017-18, the office is responsible for about 53.2 per cent, i.e. 24,795 complaints of life insurance. However, the number for non-life insurance is about 46.8 per cent, i.e. 13,013 complaints.

    MML Verma, the General Secretary of Executive Council said, “In case of the non-life policies, health insurance plans are related to over 90 per cent complaints.” In the Life Insurance segment, HDFC (2,081), Bharti-AXA Life (1,105), Life Insurance Corporation (LIC) India (3,217), Exide Life (1,022) and Reliance Nippon Life (1,357) accredited the large portion of this set of complaints.

    Search
    Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

    Health insurance articles

    Recent Articles
    Popular Articles
    Does Health Insurance Cover Brain Tumour?

    17 May 2022

    The brain is one of the most important organs in your body. It is...
    Read more
    12 Tips to Avoid Common Health Problems During Summers

    12 May 2022

    India experiences a hot and dry summer season that lasts for up to...
    Read more
    Does Medical Insurance Cover Hearing Aids?

    12 May 2022

    The number of people who require hearing aids continues to grow...
    Read more
    Are Accidental Injuries Covered by Health Insurance in India?

    12 May 2022

    Accidents are unpredictable. Getting injured in an accident not...
    Read more
    6 Most Effective Ways to Prevent Viral Fever

    12 May 2022

    A change in weather can bring respite from the scorching summer...
    Read more
    PMJAY Scheme: Ayushman Bharat Yojana Eligibility & Registration Online
    Prime Minister Shri Narendra Modi announced the launch of (PMJAY) Ayushman Bharat Yojana in his Independence...
    Read more
    Best Health Insurance Plans in India 2022
    Finding the best health insurance plan from so many different health insurance companies can get confusing for many...
    Read more
    Best Maternity Insurance Plans
    Maternity insurance offers comprehensive coverage for medical expenses incurred during pregnancy, including the cost...
    Read more
    Best Health Insurance Plans for Senior Citizens in 2022
    Considering the increase in medical inflation in India, buying adequate health insurance for your loved ones has...
    Read more
    10 Major Benefits of Ayushman Bharat Yojana
    Pradhan Mantri Jan Arogya Yojana (PM-JAY) is the second component under Ayushman Bharat Scheme. PM Narendra Modi...
    Read more
    top
    Close
    Download the Policybazaar app
    to manage all your insurance needs.
    INSTALL