Great news for policyholders in India! The insurance ombudsman offices have raised their compensation limit to Rs 50 lakh, up from the previous limit of Rs 30 lakh. This is a much-needed change, as many policyholders today purchase insurance policies with sums assured of over Rs 1 crore. This includes term insurance, health insurance, critical insurance, and personal accident policies. It’s time for policyholders to take advantage of this increased compensation limit and make sure they get the compensation they deserve. Don’t hesitate to file a complaint if you need to – the insurance ombudsman is here to help!
According to a study conducted by Policybazaar.com, a leading insurance broking and online aggregation firm, high net worth policyholders in India preferred a cover amount of Rs 1.75 crore in the financial year 2022-23. This study provides important insights into the insurance preferences of high net worth individuals in the country. If you’re a high net worth individual looking for insurance coverage, it’s worth considering a cover amount of Rs 1.75 crore to ensure that you have adequate protection in place.
