Insurance Challenges in the Aftermath of Air India 171 Crash
The Air India 171 plane crash has resulted in complicated insurance claim processes as 270 lives were lost. Insurance companies, including LIC and Tata AIA, are working diligently to expedite claims, particularly complex ones where both insured and nominees perished. The IRDAI has issued guidelines to streamline this process.
- Country:
- India
The tragic Air India 171 crash has left insurance companies scrambling to process claims for the 270 victims, a task made infinitely more complex when both the insured and their nominees died. The Insurance Regulatory and Development Authority of India (IRDAI) has taken steps to expedite these claims amid the crisis.
IRDAI has instructed insurers to submit weekly claim updates and has waived certain formalities like FIRs and postmortem reports. Insurers such as the Life Insurance Corporation of India (LIC) and Tata AIA have established help desks to assist affected families and are proactively working with authorities to align their data and speed up claim settlements.
In cases where both the insured and their nominees perished, companies are making exceptions by seeking claims from Class I heirs. This involves acquiring declarations and indemnity bonds to identify rightful claimants. The accommodations made highlight the industry's response to unprecedented circumstances to ensure compassionate and efficient resolution of claims.
(With inputs from agencies.)
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