By IANS,
Chennai: Private life insurer Canara HSBC Oriental Bank of Commerce Life Insurance Tuesday announced that it would pay the fund value of its unit-linked insurance policies (ULIP) immediately on registration of death claim.
“In our knowledge, we are the first life insurance company in India to provide such a service. There are several unexpected costs that arise immediately after a death and at such crucial times, one needs liquid assets that are available quickly,” company chief executive Harpal Karlcut said.
The rider is that the fund value would be less than the sum assured.
Under a ULIP, the premium paid is invested in stock markets as per policyholders’ direction after deduction of charges.