Life insurance is not just about securing the future but also about ensuring peace of mind during difficult times. When a family loses a loved one, having the right support at the right time can make a lot of difference. Recognising the importance of timely financial support, IndiaFirst Life has a 1-day claim settlement service for eligible claims. This feature can help reduce the stress for families going through tough times by offering them quick, hassle-free claim support and processing.
What is the 1-Day Claim Settlement?
IndiaFirst Life launched its one-day claim settlement service on 22nd September 2020.
The idea is simple: process eligible individual death claims within 24 hours of receiving all necessary documents.
By doing so, the company ensures that grieving families do not have to wait long for financial support.
This initiative is part of IndiaFirst Life’s #CustomerFirst ideology, which focuses on offering fast and seamless services. Thanks to advanced technology and a solid claim settlement process, the company promises 100% settlement of genuine claims under this initiative.
Since the launch of the 1-day claim settlement service, IndiaFirst Life has settled over 700 claims under this initiative (all within 24 hours). This means a 100% claim settlement ratio for eligible claims under this service.
Importance of 1-Day Claim Settlement
Usually, claim settlement in life insurance can take weeks or even months, depending on the complexity of the case. While this is due to the necessary processes involved, this delay can put families under financial stress.
IndiaFirst Life understands that the moments after losing a loved one are emotionally overwhelming. With IndiaFirst Life’s 1-day claim settlement, beneficiaries can now access funds quickly. This makes it easier for them to manage immediate expenses such as household bills, education, or outstanding loans. Thus, one-day claim settlement allows the beneficiaries to grieve and heal without the stress of financial worries.
This initiative also gives a glimpse into IndiaFirst Life’s focus on digital transformation. IndiaFirst Life has made great efforts towards building high-end technology that does not compromise on safety measures. This has led to a robust system that minimises delays and errors and prioritises results.
Eligibility Criteria for 1-Day Claim Settlement
The one-day claim settlement service is applicable only for certain cases:
- The claim should be for the death benefit of an individual policy.
- The life insurance policy should have been active for at least three consecutive years until the date of death.
- The total claim amount under all eligible policies should not exceed ₹50 lakhs.
- All mandatory claim documents must be submitted at an IndiaFirst Life branch before 3 pm on a working day.
- Claims received on Saturdays, Sundays, public holidays, or non-NAV days (for ULIP policies) will be processed the next working day.
- Cases under investigation, with rival claims, open title issues, or court involvement, are excluded from this service.
Only when all documents are complete and valid does the 24-hour clock for the 1-day claim settlement begin.
How to Avail the One-Day Claim Settlement Service?
If you are a nominee of an eligible policy, here is a simple step-by-step process to avail the service:
Step 1. Visit the nearest branch of IndiaFirst Life with the claim intimation form and mandatory documents.
Step 2. Submit the documents before 3 pm on a working day.
Step 3. The company will verify the documents and initiate the process.
Step 4. Once verified, the claim decision will be communicated within one working day.
If approved, the claim settlement payout is made immediately. This gives families timely financial relief.
By guaranteeing claim settlement within one working day for eligible policies, IndiaFirst Life delivers on its promise of being truly customer-first.
The service not only eases the financial stress of families during tough times but also strengthens the trust policyholders place in their insurer. With a proven track record of efficiency and reliability, IndiaFirst Life continues to stand as a dependable partner in securing your family’s future.
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