How much time do insurers take to settle a death claim?
Rita Mukkherjee, Asansol
The procedure to settle death claims may vary from insurer to insurer. However, as soon as an insurance company is informed of a death claim, it will issue a set of documents to be completed by the legal heirs of the insured. The documents include a claim form, death certificate, policy document, deeds of assignments or re-assignments if any and anything more than an insurer may need as part of its claim settlement procedure.
The insurance company then gets into verifying the documents for authenticity. This procedure varies across insurers and also depends on the sum assured of the policy. Once all the documentation is completed, as per an IRDA regulation, the insurer is required to settle a claim within 30 days of receipt of all the documents, including any clarification sought by the insurer. If the claim requires further investigation, the insurer has to complete its procedures within six months of receiving the written claim intimation.
