Personal Finance

Insurance brokers turn consultants, officially

BL RESEARCH BUREAU | Updated on December 10, 2011 Published on December 10, 2011

Having a tough time getting your insurance claims settled? Turn to your broker, for, the IRDA has now permitted them to offer claim consultancy. Broking firms can help you with claims up to Rs 1 crore.

Note that a written mandate permitting the broker to represent the policyholder while dealing with the insurer for the claim is also necessary.

The quantum of fee for claim consultancy can be mutually decided by the insurance broker and the policyholder. However, it should not be expressed as a percentage of the claim.

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