Initiatives for faster claim settlement norms; a special team to handle these cases on priority
Pune, November 22, 2016: Bajaj Allianz Life Insurance Company, as a special measure for victims in
recent Indore – Rajendranagar (Train no 19321) train accident, has relaxed the documents and norms
for the settlement of Death and Disability claims.
In the light of the worst train accident in recent years that cost at least 120 lives and injured over 180
people, Bajaj Allianz Life Insurance Company has reduced the documentation for claim applications for
the train accident victims.
While the requirement for documents has been already minimized, procedure for investigation
conducted by the insurer may be waived off if prima-facie documents establish the life assured’s death
is due to the train accident. The Company has announced that it would make the best efforts to settle a
majority of the claims coming out of this accident within 72 hours and the claims will be attended on
priority.
Wherever death certificate issued by Registrar of Births & Deaths is not available, the insurer will accept
the certified list (Government Gazette copy) issued by either of Hospitals or Police or Govt. authorities
or Armed forces involved in rescue Operations. Besides, the minimum documentation required for claim
include KYC of nominee (ID proof & Address Proof) along with bank details for enabling NEFT and
photograph of the life assured.
Other rider benefits (except Accidental Death Benefit) shall be processed on the basis of hospital records
of treatment post disaster for accidental disability and other rider benefits. Accidental Death Benefit
shall be considered along with claim for Death Benefit if accidental rider is opted.
In case of missing persons, presumption of death shall be on the basis of the list provided, as and when,
by the Government of India or the respective state government on missing persons and the requirement
of 7 years waiting period shall be waived off completely.
