NCDRC Directs IRDA To Look Into Role Of Agents Reduce Life Insurance Policies

The Insurance Regulatory and Development Authority of India has been asked to make it clear that the non-disclosure of medical conditions would become the reason for the repudiation. IRDA has been ordered by NCDRC (The National Consumer Disputes Redressal Commission). NCDRC directed IRDA to issue new guidelines and make it clear to the non-disclosure of medical conditions would become the cause of repudiation. NCDRC issued this directory just a while ago. There is a various cliche in this story that should be cleared by you. You have to read it till the last word and follow every section to acquire all the writer stuff. Kindly shift to the next section and start knowing about NCDRC’s fresh guidelines. Follow More Update On GetIndiaNews.com

NCDRC Directs IRDA

The National Consumer Disputes Redressal Commission was hearing an appeal of HDFC Standard Life Insurance Company Ltd. HDFC Standard Life Insurance Company Ltd challenged the order of the state consumer disputes redressal commission. The hearing was being heard by NCDRC in Jaipur and that leaned in favor of the customer. The National Consumer Disputes Redressal Commission said the suppression of points in the proposal form in this matter vitiated the case of the plaintiff. Kindly take a look at the next section to learn what NCDRC said actually.

The National Consumer Dispute Redressal Commission said, “the plea is allowed and the demand of the state commission is set aside. We also advise the IRDA (Insurance Regulatory and Development Authority of India) to publish fresh guidelines on the conduct and duties of the insurance agent when dealing with a life insurance policy on the need for full disclosure of all illnesses or diseases suffered by the client in the proposal form and implications of non-exposure. The proposal form can also be suitably modified to this effect,”. Read more about it in the next section.

The counsel of the complainant emphasized that the insurance firm could not prove the cited disease played an important role in the death of the client and that is why there was no base to reject the claim. Moreover, the insurance policy agent mislead the client while inking the proposal form and the client just signed the paper with good faith in the company. That’s all for now on the insurance company and its client’s issues. Stay tuned to this page for further details and information.

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