The company said the new initiative will help overcome the lag time presently faced by grieving family members.
"With the average disbursement time in the industry at 10 days, Shriram Life insurance will now settle customer claims within 48 hours," a company statement said.
Manoj Jain, Managing Director, Shriram Life Insurance said, "when a loved one passes away, the last thing anyone wants to worry about is a life insurance company delaying payment on a claim to death benefit. We identified this critical need and worked towards this initiative that would help save time and effort of the grieving family members.
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