Especially for a life insurance policy, a thorough understanding of the claims process makes it easier for you at the time of making use of your insurance policy. Process for Settlement of Life Insurance ClaimsLife insurance claims can be divided into three categories: death claims, maturity claims and rider claims. Intimation of claim: Intimation of claim is the first step that needs to be followed in case of death claims. The nominee must inform the insurance company about the insurance claim at the earliest possible instance. Importance of Claim Settlement RatioThe claim settlement ratio for any life insurance company is of utmost importance.

Source: Forbes July 15, 2021 13:18 UTC