India-based private insurer Reliance Life Insurance has rolled out 'Claims Guarantee', a customer-centric service initiative to settle death claims within 12 days.
According to the company, it will either settle death claim payment in 12 working days from the date of receipt of all required death claim documents from the nominee or claimant, or pay an interest of 6.5% annually to the nominee.
Reliance Life Insurance CEO Anup Rau was quoted by The Hindu Business Line as saying: "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, he further added.
In addition, Reliance Life Insurance is considering assigning a claims relationship officer to provide personalized assistance for every death claim settlement, in a bid to make the claims process easy.
According to IRDA, death claims must be settled within 30 days of receipt of complete claim documents and if there are any pending documents, the insured needs to be kept informed about it within 15 days.
"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," Rau concluded.