What is the maximum compensation amount that can be awarded by the Insurance Ombudsman in India?

Correct option is D

The maximum limit of compensation awarded by the Insurance Ombudsman is ₹50 lakhs.
Insurance Ombudsman-
· Purpose of the Office: The Insurance Ombudsman serves as an alternate grievance redressal platform to resolve complaints of policyholders efficiently and cost-effectively.
· Jurisdiction:
· Addresses grievances against insurance companies, their intermediaries, or insurance brokers.
· Includes complaints related to claim settlements, policy servicing, and other disputes.
· Administrative Control: Operates under the Council for Insurance Ombudsman (CIO).
· Objective: Speedy resolution of complaints, ensuring policyholder satisfaction.