Following reports of insurers using different methods to arrive at death claims paid data in advertisements, Insurance Regulatory and Development Authority of India (Irdai) has instructed them to publish only “annual figures” of death claims paid ratios, based on the number of policies alone.
The figures should reflect the entire financial year and shall be based upon latest Irdai annual report or latest annual audited final figures submitted to the authority, said the regulatory body.
If an insurance advertisement contains death claims paid ratio, then the data for individual and group polices should not be clubbed together, Irdai added. Advertisements for group products should contain data of group death claims paid ratio, and advertisements for individual products should reflect the data of individual death claims paid ratio. Moreover, individual death claims product ratio should be used in case of advertisements promoting just the company’s brand without referring to any products.
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