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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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