IRDA Orders Speedy Settlement of Insurance Claims for Victims of Coromandel Rail Tragedy
In the aftermath of the biggest train accident of the year, the Coromandel Rail Tragedy, the Insurance Regulatory and Development Authority of India (IRDAI) has made it easier for the victims’ families to claim insurance. The regulator has asked all insurance companies to proactively contact the district administration or railway authorities for a list of people who have died or been injured in the train accident. The claim processing can be done suo moto, and the settlement of claims has been expedited for simplified claim settlement.
The Coromandel Express and Yesvantpur Express derailed in Bahanaga, Balasore district of Odisha, resulting in the death of approximately 288 people and injuring more than 1,000. The IRDAI has asked the insurance companies to fulfill the claim of the victims as soon as possible. The industry has agreed to check the list of passengers and take a response from the Railways. They will settle the claim expeditiously without demanding corroboration that is usually collected in case of regular claim settlement.
Apart from life insurance, which covers sudden demise and other unforeseen events, personal accident insurance policy covers accidental passing away, permanent partial disability, and permanent total disability. In the case of a large-scale accident such as the triple train accident on Saturday, regulators and the industry take a proactive approach for quick resolution.
The IRDAI’s decision will be beneficial for the victims’ families, and the process of claiming insurance will be simplified. The settlement of claims will be expedited, ensuring that the families receive the insurance payout as soon as possible.
In conclusion, the IRDAI’s decision to order a speedy settlement of insurance claims is a welcome move in the wake of the tragic Coromandel Rail Tragedy. The families of the victims will benefit from this decision, and the insurance process will be simplified.
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