Private life insurance firm Tata AIA Life has launched ‘Express Claims’, a service where claims will be paid out within four hours of it being registered.
In case of death claims, the nominee, as per the process, needs to file the claim by filling the form with the death certificate and the nominee’s KYC details like Aadhaar Card, PAN card and bank account number.
Yusuf Pachmariwala, Executive Vice President and Head of Operations, Tata AIA Life said policyholder families will have immediate access, even within four hours, to the claims amount.
For availing the express claim, the beneficiary has to visit the nearest branch with the necessary documents like the death certificate and nominee identity proof. The internal systems are immediately updated and the claim is processed and payment credited within four hours on the same day.
Also, beneficiaries can call the helpline and schedule an appointment for doorstep claims service. The company representative then visits the beneficiary’s residence to assist with the claims process at his/her home. After this, the claim is settled.
For FY20, the individual life death claims settlement ratio for Tata AIA Life stood at 99.06 percent, according to the company’s audited financials.
IRDAI rules state that life insurance companies are required to settle the death claims within 30 days of receipt of all documents. The time taken could be higher in case there is a suspicious death claim that needs to be investigated.
On average, life insurers settle death claims within 10-15 days after receiving all the documents necessary for processing the settlement amount which is the sum insured of a policy.