Do you feel that you have been sold a wrong insurance product? You might be able to get your grievance redressed by an insurance ombudsman soon as the industry plans to expand its ambit. Currently, ombudsmen handle mostly claim-related disputes.
The insurance industry is also looking to increase the number of ombudsmen from the existing 12 and allow them to arbitrate disputes in insurance contract of over Rs 20 lakh.
The Insurance Regulatory and Development Authority made a presentation on increasing the scope of insurance ombudsman in a meeting of industry representatives in New Delhi recently, according to SB Mathur, director general, Life Insurance Council.
If the proposals are implemented, the existing infrastructure would have to be scaled up to handle the increase in the work load of insurance ombudsmen, Mathur said.