The finance ministry is seeking wide publicity for the claim settlement procedures under the two insurance schemes announced by the Prime Minister in May. The idea is to highlight the fact that, how easy it is to get the money, as the insurance industry often faces complaints of unpleasant settlement processes.
The claim procedure under these schemes has strict timelines. For instance, a bank, from where the premium for PMSBY was auto-debited, must forward the completed claim form to the insurance company within 30 days. The insurer then has up to 30 days to approve the claim and disburse the money. The admissible claim will be remitted directly to the bank account of the insurer or the nominee.
Officials at Life Insurance Corporation and public sector general insurance companies have been asked to provide co-operation to the information and broadcasting ministry on regarding details of claimants, the letter said.