Reliance Life Insurance Launched Service To Settle Death Claims In 12Days

Reliance Life Insurance Company (RLIC), a part of Anil Ambani's led Reliance Capital, yesterday a customer centric service initiative 'Claims Guarantee', which promises to settle claims within 12 working days of receipt of claims with all required documents.

The private player has assured to pay interest to the claimant at the rate of 6.5 % per annum, if the company fails to pay the claim amount to the nominee within the time frame, provided full premium is paid for at least three policy years and the required death claim documents are submitted.

“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,“ said Reliance Life Chief Executive Officer Mr. Anup Rau, adding, “We believe that our relationship extends beyond the policyholders to embrace their loved ones, when they need us the most."

As per the Insurance Regulatory and Development Authority (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.

Source: http://www.insuringindia.com