What is the meaning of Claim Amount?
Claim amount is the amount of money which is to be paid at the maturity of an insurance policy or in event of the death of the insured person. In latter case, the claim amount is given to the beneficiary or the nominee or even the legal heir of the insured person.
The policyholder or the beneficiary generally raises the claim as per the specifications mentioned in the statement of the insurance policy. The insurance company then reviews the same to verify the validity of the claim and make sure that latter is not false as per the rules and regulations of the policy. After confirmation of the validity of the claim, the set amount is granted to the beneficiary, nominee or the legal heir.