08 November 2016
All-your-money-queries-answered
How much time do insurers take to settle a death claim?
How much time do insurers take to settle a death claim?
Ritu Shah, Pune
As soon as an insurance company gets intimation of a death claim, it will issue a set of documents to be completed by the legal heirs of the insured. The period of settlement of the final claim depends on the insurance company’s verification process and on the time the legal heirs take to complete the documents. Once all the documentation is completed, the proceeds of the policy are made available to the nominee within three months. However, for large sums insured, say Rs 50 lakh and above, the process of verification followed by insurance companies is rather long, and these claims may take about six months to settle.