(1) In the name of the insured who has paid the last installment of the life insurance fee, the insurer must issue a payment voucher (discharge voucher) in the name of the insured, within fifteen days from the date of payment of the installment, along with the insurance articles etc. documents required for the payment of such life insurance claim.
(2) According to sub-rule (1), if the insured submits the insurance article and other documents and the payment slip to the insurer for the purpose of paying the life insurance claim, the insurer must make the necessary checks and pay the life insurance claim within seven days of the payment of the life insurance article.
(3) In the event of the death of the insured taking out the policy before the expiry of the period of the life insurance policy, he, if he is a person who wishes, and if he does not wish anyone else, the nearest beneficiary among the persons mentioned in sub-section (1) of section 38 of the Act, the following particulars to collect the amount of such life insurance: The open claim payment application has to be submitted to the insurance company.
(a) Particulars relating to claims.
(b) Death certificate of the insured (c) If the death of the insured is due to an accident and such risk is included in the life insurance, the post-mortem report conducted by the government doctor regarding the cause of the death of the insured and otherwise, the police report.
(d) Certificate of relationship with the insured.
(e) Documents proving age in cases where age is not proved.
(f) such other details as may be prescribed by the Committee.
(4) Upon receipt of the application as per sub-rule (3), the insurance company shall select the details including the documents submitted in relation to the life insurance claim and, if necessary, including other matters, determine the liability within fifteen days from the date of receipt of such documents and make a payment in the name of the applicant for the purpose of coming to collect the claim payment. Discharge Voucher) should be issued. The insurer has to pay the insurance claim within fifteen days from the date of receipt of the payment issued in this way from the applicant.
(5) According to sub-rule (4), if the insurer determines the liability and finds that the insurance claim does not have to be paid, the reason for this must be given to the applicant in writing.