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Reliance Life Insurance launches Claims Guarantee

RLIC Settles 17,447 death claims worth Rs198 crore in FY14

June 25, 2014 2:49 IST | India Infoline News Service
Reliance Life Insurance Company (RLIC), part of Reliance Capital Limited, on Tuesday launched Claims Guarantee, a unique customer-centric service initiative to settle death claim payment in the shortest possible time.

The company guarantees to pay claims within 12 working days of receipt of all required death claim documents from the nominee or claimant, provided full premium is paid by the policyholder for at least three policy years and the required claim application documents are submitted.

The company will pay an interest to the customer at the rate of 6.5 per cent per annum, if the decision is repudiated and 12-day timeline is breached.
The company has set up an effective claims settlement mechanism, where the guarantee would be for a decision within 12 calendar days, making it simpler and faster. The Claims Guarantee commits to pay all death claims on policies that have completed payment for three continuous policy years unless obtained with fraudulent intentions.
As per the 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.

To make the claims process easy, Reliance Life Insurance will assign a claims relationship officer to provide personalized assistance for every death claim settlement.
Reliance Life Insurance settled 17,447 death claims worth Rs 198.85 crore in 2013-14. Its overall claims settlement ratio is over 90 per cent, while ordinary claims (excluding early claims) settlement ratio is 99.63 per cent during the last financial year


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