The claim settlement process is one of the key factors one must consider while buying a car insurance policy. These policies act as a financial backup during emergencies. It ensures you do not have to worry about funds when you need them the most. Therefore, it is important to check if the claims process for receiving the compensation is hassle-free.
Is there a time limit for insurance claim settlements?
The time limit set for the claim settlement process by the IRDAI is within 30 days of raising the claim. Most insurance companies settle the claims within 10 days.
Read on to know everything about the claim settlement process. Know the different ways of raising a claim request and how long an insurance company take to settle the claim. You must also note that the insurance claim process varies from insurer to insurer.