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Death claims paid by insurers up fourfold in a decade

DNMUM392648 | 7/18/2017 | Author : Kumar Shankar Roy | WC :438

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Kolkata: The massive uptake of life insurance cover in the recent years is showing up in claims.
According to the data collated from Insurance Regulatory and Development Authority and Life Insurance Council, death claims paid by life insurance companies crossed Rs 19,000-core mark in 2016-17, almost four times Rs 5,288 crore paid out as death claims in 2007-08.
Experts say that a proliferation of life insurance business, higher sum assured opted for by policyholders and competition to Life Insurance Corporation by private sector insurance companies have contributed to the spurt in death claims paid by the industry on the whole.
A death claim is a formal request made by the nominee in a life insurance policy to the life insu
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