Mumbai, June 24: Reliance Life Insurance Company Ltd today announced that death claims would be settled within 12 working days.
The private sector insurer added that it would pay an interest at 6.5 per cent per annum to the customer if the deadline is breached.
The company will also assign a claims relationship officer to provide personalised assistance for every settlement.
Reliance Life, part of Reliance Capital, said claims would be paid within 12 working days of the receipt of all required death claim documents from the nominee or claimant.
However, the policyholder must have paid full premium for at least three policy years. Besides, the required claim application documents should be in order.
“The last thing claimants should do is wait in their time of need. With this guarantee, we have further eased the claims settlement mechanism to support the deceased’s family and settle their claims payment in 12 working days. We believe that our relationship extends beyond the policyholders to embrace their loved ones when they need us the most,” Anup Rau, chief executive officer at Reliance Life Insurance, said.
Under the guidelines of the insurance regulator, death claims must be settled within 30 days of the receipt of complete claim documents. If there are pending documents, the insurer must inform the insured within 15 days.Rau said the company had upgraded its technology to speed up settlements. “In order to settle death claims at the earliest and enrich the customer experience, we are using the online transfer mode.”