Insurance Ombudsman Plans to Handle Disputes Related to Wrong Products

Good news for policyholders who feel that they have been sold a wrong insurance product. Currently, ombudsman handles only the claim-related issues or disputes. Now, you can get any of your grievances redressed by the insurance ombudsman, as the insurance industry plans to expand its scope.

The insurance regulator IRDA also plans to increase the number of ombudsman centres from the existing 12 ombudsman centres. Moreover, it also plans to allow policyholders to arbitrate disputes in insurance contract of over Rs.20 lakh.