Tata AIA Life Insurance promises claim pay-outs in four hours2 min read . Updated: 29 Jul 2020, 07:15 AM IST
- Tata AIA Life also offers home-collection services where nominees do not ned to visit Tata AIA Life branch to register their claim
Tata AIA Life Insurance (Tata AIA Life) has announced the launch of Express Claims,which promises to process the life insurance claim pay-outs within four hours of registering the claim.
According to the company, Tata AIA Life’s Express Claims within four hours is the fastest claims pay-out by any life insurer in the country. In addition, Tata AIA Life representatives offer claims services at the doorstep by assisting with the necessary claims related documentation so that the nominees do not need to visit the Tata AIA Life branch to register their Claim.
In case of death claims, the nominee, as per the process, needs to file Claim by filling a Claims Form along with Policy Holder Death Certificate, Nominee details and KYC documentation comprising Aadhar Card, Pan Card and Bank Account details.
“Express Claim & Easy Claim process is our way of fulfilling our promise of protecting families of our valued customers, should anything happen to them especially in these unprecedented times. The Express Claims payout and Claims services from home will be a huge support to the families in their hour of need. Our tech-enabled initiative coupled with our beneficiary outreach is part of our ongoing commitment to customer convenience and reiterates our Customer-First policy, " says Yusuf Pachmariwala, Executive Vice President and Head of Operations, Tata AIA Life.
“Our customers can rest assured, knowing that their families will have immediate access, even within four hours, to the Claims amount, without them having to visit a Tata AIA Branch, if and when the time comes", Pachmariwala added.
Over the years, Tata AIA has introduced some measures like Dedicated Claims Number, Single Point of Contact (SPOC) Claims Officer, on-the-spot approval, instant Processing of Payout, etc.
Tata AIA has settled 99.06% of the life insurance claims in FY20, and registered over 99% Claims Settlement Ratio for the second year in a row.
Process for Express Claim
1. The beneficiary visits the nearest Branch with requisite documents.
2. The cutomer executive assists the beneficiary with documentation and immediately updates internal systems.
3. The claim is processed with payment credited within 4 hours, on the same day
Process for Easy Claim (Doorstep Claim Service)
1. Beneficiary calls Tata AIA Life helpline; the team schedules an appointment for Doorstep claims service.
2. Insurance comany's representative visits the beneficiary’s residence to assist with the Claims process at his/her home.
3. The claim is settled without claimant visiting the Branch/Office