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    Question

    A health insurance claim is lodged on 1st April and

    settled on 30th May for ₹1.5 lakh. The policy states a 30-day claim settlement benchmark. Discuss the regulatory implications and policyholder grievance options.
    A No violation Correct Answer Incorrect Answer
    B Violation of TAT norms; customer can escalate to IRDAI Correct Answer Incorrect Answer
    C Late payment fine applies Correct Answer Incorrect Answer
    D Can reapply for claim Correct Answer Incorrect Answer
    E No action required Correct Answer Incorrect Answer

    Solution

    IRDAI mandates timely settlement. Delay beyond 30 days without valid reason is a breach.

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