Reliance Life Insurance Company today launched ‘Claims Guarantee’, a customer-centric service initiative to settle payment of death claims in the shortest possible time.
The company guarantees to pay the claims within 12 working days of receipt of all required death claim documents from the nominee or claimant, provided full premium is paid by the policyholder for at least three policy years and the required claim application documents are submitted.
The unique proposition of the claims guarantee is that the company will pay an interest to the customer at the rate of 6.5 per cent per annum, if the decision is repudiated and 12-day timeline is breached.
“Claims are the raison d’être for the life insurance business and the last thing claimants should do is wait, in their time of need. With claims guarantee, we have further eased the claims settlement mechanism to support the deceased 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.” said Anup Rau, Chief Executive Officer, and Reliance Life Insurance.
Claims settlement mechanism
The company has set up an effective claims settlement mechanism, where the claims guarantee would be for a decision within 12 calendar days, making it simpler and faster. The scheme commits to pay all death claims on policies that have completed payment for three continuous policy years unless obtained with fraudulent intentions.
As per the IRDA guidelines, death claims must be settled within 30 days of receipt of complete claim documents. If there are any pending documents, then the insurer must inform the insured about it within 15 days.
Claims relationship officer
To make the claims process easy, Reliance Life Insurance will assign a claims relationship officer to provide personalised assistance for every death claim settlement.
“Besides, we also have upgraded our technology to expedite the claim settlement process. In order to settle death claims at the earliest and enrich the customer experience, we are using the online transfer mode,” Mr Rau added.
The company guarantees to process the fund value amount of the policy for payment in case of death claims under the unit linked insurance policies within 48 hours of intimation and submission of the required documents by the nominee.
Reliance Life Insurance had settled 17,447 death claims worth Rs 198.85 crore in 2013-14. Its overall claims settlement ratio is over 90 per cent, while ordinary claims (excluding early claims) settlement ratio is 99.63 per cent during the last financial year.