The insurance regulator. IRDAI has formed a committee under Suresh Mathur , executive director, IRDAI , to examine whether insurers can pay claims in installments in respect of Personal Accident Policies and Benefit Based Health Policies as against lump sum payments.
According to IRDAI,some general and health insurance companies have proposed payment of claim benefits in installments that will enable the beneficiaries / claimants to receive payments in a series of pre-determined installments.
The committee, that has been asked to submit in eight weeks ,will look into the need for allowing settlement of personal accident and benefit based health insurance claims in installments by general and health insurance companies.
Some of the other members of the panel are- Antony Jacob, MD and CEO of Apollo Munich Health Insurance, R M Singh, general manager, New India Assurance, Sameer Shah, Chief Financial Officer, HDFC Ergo General Insurance Co, Biresh Giri, Appointed Actuary, ACKO General Insurance Co