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Insurers to pay 2% interest above bank rate if claims delayed
Friday, February 3, 2017, 5:26 PM
The IRDAI has said that if there is a delay in claim payment by insurers (life, non-life and health), they will be liable to pay interest which is 2% over the bank rate which is now at 6.75%. Companies have also been asked to avoid unnecessary delays in paying claims.