On receipt of all the required documents, a death claim is settled within 30 days
Bad times never come with announcements. Although there is nothing that can compensate for the loss, life insurance ensures that the troubles are somewhat eased for the deceased’s family. However, the trouble just begins while filing for the claims as there are many intricacies and loopholes prevalent within the procedures.
According to Insurance Development Authority of India (IRDAI) annual report 2017-18, life insurers have paid 239 crore as claims towards settlement of 64,039 claims in the same year. Out of the total number of claims registered by life insurers with respect to health insurance products, insurers have paid 79 per cent of claims while 20 per cent were repudiated or rejected. General and health insurers have settled 1.45 crore health insurance claims and paid 30,244 crore towards settlement of health insurance claims. The average amount paid per claim was 20,793.
This story is from the May 2019 edition of Outlook Money.
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This story is from the May 2019 edition of Outlook Money.
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