Few simple steps can ensure hassle-free claim settlement. The annual IRDAI report (2013-14) showed that 22 percent of life insurance claims were pending for over 12 months before settlement. Although the overall claim settlement ratio in 2014 was 96.75 percent, the long waiting period for claims is a matter of concern. After all, the death benefit should reach your family when they need it the most.
Claim settlement might seem like the responsibility of the insurance company; however policyholders can also do their part to simplify matters. Here is how to make claim settlement easy for your beneficiaries:
You can also opt for an e insurance account to streamline the information and make it easily accessible. Claim settlement is the most important part of the insurance policy. Make it smooth riding for the ones you love.
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