Kathmandu: Life insurance companies are seen reluctant to settle claim against maturity claim and other periodical claims to the policy holders. During the financial audit, it has been observed that most of the life insurance companies have violated the provision of claim settlement within 15 days of policy maturity date.
According to the Insurance Claims Payment Guideline, 2076 issued by the Insurance Board, the insurer should inform and call the policyholders for maturity claim settlement within 15 days of the maturity date. The life insurer must inform the policyholder to visit their nearest branch office along with the original policy document, proof of age(citizenship in case of non-minor) and other necessary documents to receive the claim.
Similarly, if the insured submits the required documents along with the original insurance policy, the insurer is obliged to pay the claim within seven days after conducting necessary investigation or completion of official procedures.
According to the third quarters financial report published by the life insurance companies, they have yet to pay Rs 7.22 billion against claim including money-back, death, maturity and survival benefits.
