News 249 views February 27, 2020

Private sector insurance giant ICICI Prudential Life Insurance Company has introduced a new initiative – Claim for Sure. Under this initiative the insurance provider promises to settle the death claim in 1 day, however, this claim by the company shall be honoured provided certain pre-determined terms and conditions are satisfied. Under Life insurance policy a death claim is a formal claim registration made by the nominee to the insurance provider in the event of the death of the insured. A death claim raised by a nominee includes a request to the insurance company for the payment of sum assured in the event of the death of the insured. However, the death claim payment is released by the insured company post scrutiny of all the claim documents submitted by the nominee at the time of registering the claim with the insured.

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The ‘Claim for Sure’ initiative is introduced with an aim to reduce the time taken by insurance companies to make payments of the death claim registered. Currently, the ICICI Prudential Life claim settlement ratio’s turn-around-time for the death claims is 1.67 days. This initiative is introduced to reduce the financial distress that is caused to the dependent family in the event of the death of the insured. Additionally, if the insured is the bread-winner then the family might face a significant financial impact. ICICI Prudential is, therefore, aiming to reduce the distress caused to the family in such terrible times.

Which policies fall under ‘Claim for Sure’?

ICICI Prudential Life Insurance company has explicitly stated that the claim settlement of a policy under ‘Claim for Sure’ initiative can be undertaken provided certain terms and conditions are met. The certain specific policies that qualify are those which are active for a minimum of 3 years (as they do not require any investigation) and whose total sum assured payable (including rider sum assured) does not exceed Rs 1.50 Crores. Only those policies who satisfy the above-given conditions qualify under the ‘Claim for Sure’ service initiative.

What are the documents required?

Claim for sure is a fast track procedure for death claim settlement. Through this service initiative, the claimant shall receive the sum assured payment within a day. So, document submission must be proactively and correctly done. The company assures to settle the death claim in one day post the receipt of all relevant required documents. Therefore, the nominee must submit the required relevant documents to the insurance provider and get a fast track death claim settlement in one day. The following is the list of mandatory documents required to raise death claim:

  1. Claimant’s Statement or Claim Intimation Form
  2. Copy of death certificate issued by local Municipal Authority
  3. Copy of Claimant’s Photo Identification Proof
  4. Copy of Claimant’s Current Address Proof
  5. Cancelled Cheque
  6. Original Policy Document
  7. Additional Documents for Non-Accidental Death Cases
    • Copy of Medico-Legal Cause of Death Certificate
    • Copy of Medical Records
    • Medical Attendant’s or Hospital Certificate filled by treating doctor
    • Certificate of Employer (for salaried individuals)
  8. Additional Documents for Accidental Death Cases
    • Copy of FIR
    • Post Mortem Report

Final word

Puneet Nanda, Deputy MD, ICICI prudential Life Insurance Company, states that the reason to introduce this initiative is that “Life Insurance policies are a promise to policyholders ensuring financial security to their families in their absence”. With this initiative, Mr. Nanda further believes and states that “Technology solutions implemented have enabled us to simplify and process death claims on a fast track basis. Customers can take comfort in knowing that their families will now have virtually immediate access to the claim proceeds and continue with their lives”. Furthermore, this service initiative will boost the ICICI Prudential Life Claim Settlement Ratio.

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