Claim settlement is a crucial function when talking about business of insurance. Claim settlement record of a company clears a customer’s decision. It basically measures the insurer’s performance and hence plays an essential role. And thus, IDBI Federal has promised claim settlement within 8 working days in case of demise. And the initiative is known as - ‘8 Days Claim Settlement Guarantee’.
From July 8th onwards, the initiative will come into effect only on claims filed after the given date. In case the company is unable to settle the death claim in 8 working days then an interest of 8% is paid on death benefit for each day beyond the 8th working day. The claim status can be tracked through www.idbifederal.com. Here the nominee is required to enter the date of birth and policy number of the insured.
According to the CEO of IDBI Federal Life Insurance, Vighnesh Shahane, claim settlement is the moment of truth for insurer and the nominee is undoubtedly going through a traumatic period. One cannot fill the empty space, hence the company has decided to improve the claim settlement process by making it quick, hassle-free and devoid of stress.
The 8 working days are counted from the date of receipt of the required death claim documents asked by the company. The interest is paid only if the policy has completed its 2 years from the date of policy inception to the date of death of the insured. If the death claim is stuck due to some further investigation then the payment of interest will not be applicable for the same.
The claim settlement ratio of IDBI Federal in financial year 2013-14 was 90%. Within 60 days, 80% of the claims were settled in this year. Also, the repudiation ratio decreased from 16% to 5.47% in comparison to the last fiscal.
The given guarantee comes in effect once the Company’s Head Office receives all the necessary documents. Guarantee is applicable only when-
From date of policy inception o the date of death of insured, the policy should have completed 2 years. And, the claim does not require any further investigation.
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