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How to Claim life Insurance in India by Satish [ Hindi]



How to Claim life Insurance in India by Satish [ Hindi]

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Life Insurance is an agreement between an insurance company and a policyholder, under which the insurer guarantees to pay an assured some of the money to the nominated beneficiary in the unfortunate event of the policyholder’s demise during the term of the policy.

When was life insurance started in India? : In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer. At the dawn of the twentieth century, many insurance companies were founded. In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business.

In the event of the death of the policy holder during the term of the policy, the beneficiary can claim the proceeds of the death benefit. This claim is called the life insurance claim or more popularly death claim

How long does a life insurance company have to pay a claim?

Major companies are usually very expeditious in their handling of death claims today, and most are paid within 30 days of the death of the insured. A claim rarely takes more than 60 days after death to be processed by a life insurance company (assuming they have what they need to pay the claim).

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