Life insurance companies are fast -tracking claim settlement coming from Jammu and Kashmir to provide speedy relief to those affected by the worst-ever floods in 109 years.
Aviva Life Insurance and HDFC Life, both private sector players, have relaxed their claim settlement process exclusively for victims of Jammu and Kashmir floods.
In order to provide quick assistance to the relatives of the victims, Aviva has relaxed documentations in terms of minimising the need for relevant papers to facilitate prompt intimation and settlement of death, survival and maturity claims.
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"Given the extent of the tragedy, at Aviva we have also waived off late fee and revival fee for lapsed policies for one year (until 30 September 2015).
"This waiver will be valid not only for the local residents but also for those who had been travelling to the affected areas and got stranded due to the floods," Aviva Life Insurance Chief Operating Officer Snehil Gambhir told PTI.
An official of HDFC Life said the private insurer has set up a fast-track processing facility for settlement of claims in the State.
"We don't insist on death certificate for submitting claims from our policyholders in case the person's name was already registered in Government record as victims. Also, we don't ask for policy documents in such cases," he added.
Insurers believe claims may also come from policy- holders from across India and not only from J&K residents as being a tourist hotspot, people keep travelling to the State from virtually every part of the country.
