Speedy settlement, hallmark of Ceylinco
Life insurance leader Ceylinco Life has settled over 95 percent of
intimated death claims in the year ended December 31, 2011.
Of the total of 15,564 claims settled by the company between January
1 and December 31 2011, 14,336 were in respect of medical claims, while
the death claims settled by the company during the year was 1,228.
The total value of claims paid was Rs 421 million, with 75 per cent
or Rs 315 million representing death claims.
Only 66 claims were outstanding at the end of the year, and of these
nearly 60 percent were received during the final weeks of 2011, the
company said. All of these claims had been settled by January 20, 2012.
Our policy is to settle any valid claim within a 30-day period of
receiving one,' Ceylinco Life's Managing Director and CEO R. Renganathan
said. Speedy and hassle-free settlement of claims has become a hallmark
of Ceylinco Life, and this is borne out by statistics.?
Of the medical claims paid by the company during 2011, hospital cash
benefits of Rs 47 million, paid to 13,416 policyholders, accounted for
the largest number. This represented an increase of 6.8 percent in value
terms from the Rs 44 million paid as settlement of hospital cash
benefits in 2010.
Besides hospital cash benefits, Ceylinco Life paid Rs 21 million to
657 policyholders in respect of major surgeries, Rs 24 million to 178
policyholders in respect of critical illness (Ceylinco Family Digasiri),
Rs 7 million to 67 policyholders in respect of partial disability and Rs
7 million to 18 policyholders in respect of total and permanent
disability during the year.
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