Settlement of claims

Life insurance companies depending upon the types of policies sold by them receive a variety of claims. However, the claims can be simply categorised as maturity claims and death claims. Certain features common to all life insurance claims. These are policy must be in force at the time of claim, insured must be covered by policy, nothing was outstanding to the insurer at the time of claim, the claim is covered by the policy. Let us discuss about the settlement of death and maturity claims. If the policy holder lives through the duration of the policy and becomes eligible to get the maturity claim, When the life assured dies before the date of maturity, the policy emerges in to death claim and the amount of claim is paid to the nominee or assignee as the case may be.