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Good news! ICICI Prudential Life to settle death claims in 1 day

Death claim, in case of life insurance, is a formal request made by the nominee to the life insurance company.

ICICI Prudential Life Insurance has come out with a new initiative titled – ‘Claim For Sure’ — under which death claims will be settled in 1 day, provided some terms and conditions are met, the company claims. Death claim, in case of life insurance, is a formal request made by the nominee to the life insurance company. This request is made for the payment of sum assured/Life cover amount in case of the unfortunate event of the death of the policyholder. The payment decision is made by the insurance company post scrutiny of claim documents submitted by the nominee.

The loss of the breadwinner of the family causes significant emotional and financial distress. However, with a life insurance policy, the financial part of the family is taken care of. With the ‘Claim For Sure’ service initiative, the company aims to reduce the financial distress caused to families due to this loss. ICICI Prudential states that 99.4 per cent of death claims received, settled in one day under ‘Claim For Sure’.

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There are certain policies that qualify for settlement under this service initiative. For instance, policies which have been continuously active for 3 years, do not require any investigation along with policies where the total claim amount does not exceed Rs 1.5 crore are the ones that qualify for settlement under this service initiative. To avail of this fast claim settlement process under this initiative, the claimants need to submit all mandatory documents to the insurer.

The list of documents that are required to raise a Death Claim includes claim intimation form/claimant’s statement, separate claim intimation form/claimant’s statement for lender-borrower group (only for Credit Life policies), for Employer-Employee Group/Affinity – claim intimation form/claimant’s statement, copy of Death certificate issued by Local Municipal Authority, copy of claimant’s photo identification proof and current address proof, and cancelled cheque.

The Company states it has received 65 per cent of death claims under ‘Claim For Sure’ initiative, out of which 99.4 per cent have been settled in 1 day since the launch of this initiative in July 2019.

For the 9 months ended FY2020 since the launch of this initiative, the average turn-around-time (TAT) to settle a death claim stood at 1.67 days. For FY2019, the company had a claim settlement ratio of 98.6 per cent and the total value of death claims settled across the country stood at Rs 826.66 crore with an average TAT of 2.34 days.

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Source: Financial Express