When are lump sum claims supposed to be paid according to the time of payment of claims?

Lump sum claims are typically required to be paid "immediately" once the insurer has accepted the claim. This is essential to ensure that policyholders receive prompt financial assistance during critical times following a loss.

Immediate payment of lump sum claims reflects the urgency of providing necessary funds to the insured, especially in cases involving significant medical expenses, disability, or catastrophic events where financial relief is crucial. It helps to alleviate the burden of outstanding costs and supports the insured in managing their situation effectively without unnecessary delay.

In contrast to the other options, which suggest various timeframes for payment, "immediately" stands out as it emphasizes the priority given to lump sum claims in the claims process. Timely payment is a key component of maintaining trust and satisfaction among policyholders within the insurance industry.