GUIDELINES ON CLAIM PROCESSING FOR GROUP LIFE INSURANCE POLICIES UNDER

~ l{Hl ll irn'r Rt~ ll I~ iji 3ITT Rt ijilfl ~ INSURANCE REGULATORY AND ilClai DEVELOPMENT AUTHORITY OF INDIA Ref: I RDA/Life/Cir/GOU i 1J /10/2015 October 13, 201 5 To All the Life Insurance Companies, GUIDELINES ON CLAIM PROCESSING FOR GROUP LIFE INSURANCE POLICIES UNDER LENDER-BORROWER GROUP INSURANCE SCHEMES. The Authority vide Circular ref: IRDA/LIFE/CIR/GDU285/12/2014 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 lndia(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 Cooperative Banks, Primary Cooperative Banks, State Cooperative Credit Societies and MFls registered under Sec. 25 of the Companies Act, 1956 or Sec 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. MEMBER (LIFE) "llft:~'f<r-1, ~(@, «l:!0(«11'1, ~ - 500004. ~ ({): 91-040-23381100, ~ : 91-040-6682 3334 i-~: irda@irda.gov.in ~: www.irda.gov.in Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail : irda@irda.gov.in Web.: www.irda.gov.in