Shriram Life Insurance now settles death claim of customers within 48 hours
Mumbai, September 20, 2017: Shriram Life Insurance, the Life insurance arm of Shriram Group has launched a new initiative to settle death claims of customers within 48 hours of receiving documents and overcome the lag time presently faced by grieving family members. With the average disbursement time in the industry at 10 days, Shriram Life insurance will now settle customer claims within 48 hours.
Shriram Life Insurance believes in the group philosophy of financial inclusion by penetrating the unexplored segments. The Company focuses on inclusive growth by taking life insurance to the section where it is needed the most -The ‘AAM AADMI’ (Common Man).
Mr. Manoj Jain, Managing Director, Shriram Life Insurance said, “When a loved one passes away, the last thing that anyone wants to worry about is a life insurance company delaying payment on a claim to the death benefit. We identified this critical need and worked towards this initiative that would help save time and effort of the grieving family members. We at Shriram Life Insurance aim to constantly review and evolve our services to suit customer needs and work towards making the insurance landscape simpler, faster and easier”, he added.
Shriram Life Insurance has already settled claims in 50 cases by means of this initiative. Upon knowing of the death of a policy holder, the Shriram Life Insurance sales team approaches the grieving family members and briefs them about the policy taken. They provide support in obtaining the relevant documents to be submitted for claim settlement. The claim is then handed over to the nominee’s house in a span of less than 48 hours. For example, in the case of Mrs. Ram Kanya Bai, a villager from Bichouli in Indore, Mr. Arvind Shivhare, Head of Sales at Shriram Life Insurance and Mr. Praveen Kumar Tripathy personally handed over the cheque to the family members of the deceased within 48 hours. Mr. Shivhare also made it a point to advise rural women on the importance of life insurance and the protection the policy can provide to the family.
