GUIDELINES ON CLAIM PROCESSING FOR GROUP LIFE INSURANCE POLICIES UNDER LENDER-BORROWER GROUP INSURANCE SCHEMES
CIRCULAR NO.IRDA/LIFE/CIR/GDL/179/10/2015, DATED 13-10-2015
The Authority vide Circular ref: IRDA/LIFE/CIR/GDL/285/12/2014, dated December 29, 2014 issued directions on the Claim Processing For Group Life Insurance Policies Under Lender-Borrower Group Insurance Schemes in respect of Group Insurance Policies/Schemes administered by the following entities as Group Organisers/Master Policyholders:
|1.||Reserve Bank of India (RBI) Regulated Scheduled Commercial Banks|
|2.||NBFCs having Certificate of Registration from RBI.|
|3.||National Housing Board (NHB) regulated Housing Finance Companies.|
The Authority is in receipt of a request seeking inclusion of Scheduled Co-operative Banks, Primary Cooperative Banks, State Co-operative Credit Societies and MFIs registered under section 25 of the Companies Act, 1956 or section 8 of the Companies Act, 2013 in the above list.
On examination of the request, in partial modification to the referred Circular, the Authority has decided to replace 1 above as RBI regulated Scheduled Commercial Banks with RBI regulated Scheduled Banks (including Co-operative Banks).
All other conditions mentioned in the above circular remain unchanged.