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Usually the Insurance Company will send intimation attaching the discharge voucher to the policy holder at least 1 to 2 months in advance of the date of maturity of the policy intimating the claim amount payable. The policy bond and the discharge voucher duly signed and witnessed are to be returned to the insurance company at the earliest so as to the insurance company to release maturity payment tin time. Please note that if the policy is assigned in favour of any other person, the claim amount will be paid only to the assignee who will also give final discharge.
The basic documents that are generally required are death certificate, claim form and policy bond, Other documents such as medical/hospital records, employer's certificate, police inquest report, post mortem report etc could be called for, as applicable. The claim requirements are usually disclosed in the policy bond.
ULIPs offered by different insurers have varying charge structures. Broadly, the different types of fees and charges include Premium allocation charges, Mortality charges. Policy administration charges, surrender charges, fund switching charges etc. However, it may be noted that insurers have the right to revise fees and charges over a period of time.
The portion of the premium after deducting all the charges including charges for risk cover of life assured is known as Unit fund and the same is invested in equity or debt as per choice of the proposer. At the time of maturity, unit fund is paid to the policyholder.
Yes, one can invest additional contribution over and above the regular premiums subject to the feature being available in the product. This facility is known as “TOP UP” facility.
As per norms, death claims under a life insurance policy shall be settled within 30 days from the date of receipt of all relevant papers and required clarifications. However, where the circumstances of a claim warrant an investigation in the opinion of the insurer, it shall initiate the same at the earliest and complete such investigation expeditiously, in any case not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days.
In respect of Maturity or claim Survival Benefit claims and Annuities, Insurance Company shall initiate the claim process by sending intimation sufficiently in advance or send post-dated cheque or give direct credit to the bank account of claimant through any electronic mode as approved by RBI, so as to pay the claim on or before the due date.
Yes, in respect of any death claim or maturity claim, if there is delay on the part of Insurer beyond the timelines earmarked by IRDAI, the insurer shall pay interest at a rate, which is 2% above bank rate, from the date of receipt of last necessary document
No. It is not mandatory. However, securing the property financed under loan, either by way of insurance or other modes, is the prerogative of the lending institutions concerned which may be as per terms and conditions of the loan or may be as per the directives if any, prescribed by the regulator (RBI) governing the lending institution.
Although, IRDAI has not imposed any limits on cash payment. However as per RBI guidelines, cash payments beyond Rs.50000 should always be accompanied by PAN.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Government subsidized Pension Scheme for Senior Citizens aged 60 years and above, in which proposer can deposit an amount not more than 15 lakhs for receiving monthly/quarterly/yearly pension varying from Rs. 1000 to 10,000 depending upon amount deposited. The term of the scheme is 10 years. The interest rate contracted at the time of purchase of the policy will remain the same for the entire ten years of the policy term. For the current year (2020-21) the rate of interest is 7.4%. So, it will be assured return of 7.40% p.a. payable monthly (equivalent 7.66% p.a.) for the full term of 10 years in case of policies purchased during 2020-21.
An insurance agent can represent only one insurer and do business for him. An insurance Broker is basically the representative of the customer and can sell the policies of more than one insurer. In the Indian context an Agent can represent one Life insurer, one Non-Life insurer and one Health insurer. In addition he can represent one credit insurance company and agricultural insurance company too.
The objective of the Insurance Ombudsman Rules is to resolve all insurance related complaints in a cost effective, efficient and impartial manner.
Complaints may pertain to:-
a) Partial or total repudiation of claims.
b) Any dispute regarding premium paid or payable in terms of the policy.
c) Any dispute about the legal construction of the policy relating to claims.
d) Delay in settlement of claims.
e) Non-issue of any insurance document to customers after receipt of premium.