What is the maximum compensation amount that the Insurance Ombudsman can award to a complainant?

Q. What is the maximum compensation amount that the Insurance Ombudsman can award to a complainant?
Answer: INR 10 lakh
Notes: The Insurance Ombudsman can award compensation up to a maximum of INR 10 lakh for disputes and claims.

Question Source: 📚This question is part of Banking Awareness - 2025-26 course in GKToday's Android Application. The Course comprises 2400+MCQs on Banking & General Financial Awareness with explanation for All Banking Exams of 2025-26 such as IBPS Bank PO, IBPS Bank Clerical, RRB PO and Clerical, SBI PO and SBI Clerical, IBPS Recruitments, RBI Grade B and RBI Banking Examinations. Download the app here.

📌 Question Number: 8 in Insurance Repository, Ombudsman, Grievance Management System in the above course in App.