• How to Claim Your Life Insurance Policy

     4.5 / 5.0   by 15501 users
    Used this product? Write a review >>

    One of the most important services provided by an insurance provider to its customers is that of Claim settlement. Insurance companies provide an essential service which requires for claims to be settled with minimal loss of time. That is why, a quick, customer friendly and smooth claim settlement process is one of the winning traits that any insurance provider possess.

    In order to make a claim on a life insurance policy, there are several steps involved. Also, the claim related requirements are different for death claims and maturity claims. You must begin with contacting your insurance provider, fill the claim form and contact the insurance advisor who sold you the policy. To support your claim, you must then submit all necessary documents like the original death certificate and the original policy bond (which had been issued to you at the onset of the policy by the insurance provider). Most life insurance claims are normally settled within 7 days from the date that the company has received your documents.

    Types of Life Insurance Claims

    There are two types of Life Insurance claims – Death Claim and Maturity Claim.

    Making a Death Claim

    Notifying the Insurer About the Claim

    As soon as a claim arises, the claimant should immediately submit an intimation about the same in writing to the insurance company, who can thereafter begin the process of claim settlement. In the claim intimation, the claimant must include all basic information like the Policy Number, name of the insured, cause of death, date of death, place of death, and also name of the claimant. A claim intimation / notification form can be obtained either from the insurance company’s agent / advisor or from the nearest branch of your insurance company. Do also check if you can download the Claim Intimation form online from your insurance provider’s website.

    Documents Needed for Claim Settlement

    In order to initiate the process of claim settlement, the insurance company would require documents such as the following – A statement by the Claimant, the original policy document issued by the insurance provider at the onset of the policy term, Death certificate of the deceased, FIR lodged with the police, Report of the post-mortem exam

    9in case of death caused by an accident), any records or certificates as have been issued by the doctor or hospital where the deceased was receiving treatment (in case of death caused due to an illness), and an advance discharge form. The insurance provider may require some additional documents depending on the policy duration, cause of death and sum at risk.

    Submission of required documents for claim processing

    Gathering documents is a tedious process. However, in order to speed up the claim settlement process, the claimant must ensure that all the necessary documents must be submitted without any loss of time. The insurance company cannot arrive at any decision or conclusion regarding the settlement of the claim until all the necessary documents have been provided. It is only after the documents have been submitted that the life insurance company will be able to take a call on the status of the claim settlement.

    Settlement of claim

    The Regulation 8 of the IRDA (Policy holder's Interest) Regulations, 2002, clearly states that the insurance company / insurer must settle a claim in not more than 30 days from the date on which the documents have been received. This includes any clarification regarding the event and related documents which the insurance company may have. On another note, insurance providers may also settle the claim before the time period specified by the IRDA. However, if further investigation is required for settling the claim, then the insurer must do so within 6 months from the date of receipt of the written intimation of the claim.

    Making a Maturity Claim

    In order to make a timely Maturity Claim settlement, the insured must send the maturity claim / discharge form and the original policy bond before the maturity date. Majority of insurance providers will issue post dated cheques or make the claim settlement via ECS credit, on the date of maturity of the policy.

    Claim Intimation

    In case you have a claim on your hands, you must first immediately contact your life insurance company’s branch office, with which you have taken the policy. Next, contact the concerned insurance advisor at the branch office or call the concerned customer helpline.

    Claim Requirements

    Following are the claim requirements which you must provide in order to make the different types of life insurance claims.

    • Death Claim – You must provide the Death Certificate of the insured, the original policy bond given by the company at the onset of the policy and Claim Forms which have been issued by your insurance provider, along with all the necessary requested supporting documents.
    • Maturity Claims – For Maturity claims, applicants must submit the original policy bond given by the insurance provider at the onset of the policy term and the Maturity Claim Form.

    How To Claim Your Life Insurance Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Excellent service"
      0.5 4.0/5 "Great!"
      Got the life insurance policy from the LIC around 2 years. This policy has the tenure of 15years. The customer support and the response is good with the LIC . They give better response to the customers. The plan benefits and the policy coverage is better with the LIC life insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 22, 2018
    • LIC Life Insurance
      "Good "
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India. I have felt that the customer service is good one for me and the coverage value is also fine, also the plan benefits too. Response is also good one with the LIC of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 22, 2018
    • LIC Life Insurance
      "Fantastic"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India. Customer service is good one with them and the plan benefits are fine one for me, also every policies are traditional one. Response and other aspects are up to the mark.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 22, 2018
    • LIC Life Insurance
      "Trusted and Good service"
      0.5 5.0/5 "Blown Away!"
      I have my life insurance policy with Life Insurance Corporation of India as I have a very good trust on them because they are a long time company like government owned company. I hold a policy for 5 lakhs and for this policy I pay around Rs. 25000 to Rs. 29000 as annual premium. This is a 20 years policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 22, 2018
    • LIC Life Insurance
      "Good Investment"
      0.5 5.0/5 "Blown Away!"
      I have taken a total of three schemes with LIC and felt all of them to be quite convenient. For the Money back plan that I have, premium of Rs.18600 has been invested on an annually basis. For my other schemes I have been Rs.13600 as an annual premium. For money back plan every 5 years I would be getting cashback on that years premium. At the end of my whole term I would be getting a lumpsome amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 22, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      I have taken a Money back policy with SBI Life from last 20 years and it is a good policy to hold. The tenure of this life insurance policy is 20 years and i get a cash back after every 4 years. I pay my premium once in a year through net banking and the payment options are convenient for me. I get good coverage and returns in this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 21, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 6-7 years and it is a short term policy. The tenure of this life insurance policy is 10 years. I pay my premium on annual basis through net banking and i am convenient with the payment options which they are giving. I am happy with the coverage and returns in this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 21, 2018
    • Future Generali Life Life Insurance
      "Good policy to hold"
      0.5 4.0/5 "Great!"
      I took accidental cover from Future Generali, they are providing all the benefits and the product is good. For normal accident also I can claim from them. Yearly I make the premium around Rs. 2900 for the tenure of one year. Total sum assured value of Rs. 15 lakhs. For disability they provides good coverage.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 21, 2018
    • LIC Life Insurance
      "Good Insurance Company"
      0.5 5.0/5 "Blown Away!"
      LIC is good, I took the policy before six year. Every month I make auto debit premium around Rs. 1000 for the tenure of 25 years. I took Jeevan anand, after completing the tenure period I would get the sum assured around Rs. 24 lakhs with life cover.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 21, 2018
    • LIC Life Insurance
      "Best INSURANCE CORP."
      0.5 5.0/5 "Blown Away!"
      LIFE INSURANCE CORPORATION( LIC ) IS A FINANCIAL INSTITUTION THROUGH WHICH I ENTER INTO THE WORLD OF INSURANCE. I THINK IT HAS THE BEST CORP. TO OPEN AN POLICY AND ALSO FOR OTHER FINANCIAL AND INVESTMENT PRODUCTS IT IS A EXCELLENT AND INEFFABLE.
      Was this review helpful? 0
      , ajmer
      Reviewed on Feb 21, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 20 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in 3 months through net banking and the payment options are convenient for me. I am also happy with the coverage and benefits of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 21, 2018
    • SBI Life Life Insurance
      "Average"
      0.5 2.0/5 "Expected more"
      I am having the life insurance policy with the State Bank of India life and the premium is around 50000 Rupees per annum. I need to pay it for the tenure of 5 years of time and the return value is around 10 lakh Rupees.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 21, 2018
    • LIC Life Insurance
      "Good Benefits policy"
      0.5 5.0/5 "Blown Away!"
      LIC provide good return and its more secured, they have good endowment plan it has good return, the premium is good enough compared to normal plan it has 10 to 20% extra on endowment policy it has good benefits, it gives good sum assured. tax benefits, financial security unforeseen events.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 20, 2018
    • Aegon Life Life Insurance
      "Good for Me and My Family"
      0.5 5.0/5 "Blown Away!"
      Last three month back I purchase Aegon life through online channel. The plan benefits are good, I get the maturity benefits of Rs. 34 lakhs after 25 Years . In case of any loss, my nominees get the amount of Rs. 7.50 lakhs. I make monthly premium around Rs. 5000 monthly month its fine.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Trusted Insurance Company"
      0.5 4.0/5 "Great!"
      LIC is a good company, but they don't have proper customer service to give reminder call on the premium. Plan benefits are average than other company like Bharathi Axa, TATA Birla etc. I took Jeevan bheema plan it has the tenure of 10 years , it has the premium Rs. 5000 in a year, I get sum assured value around 5 lakhs.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      Life Insurance Corporation Of India is a Government handling policy for customers ,Everything is good with LIC nowadays the on line facilities are provided with this insurance recommended for customers to pay the money in on line itself so we no need to call the customer care were everything is done through the on line using our Mobile itself , I have been paying the policy money since from 2007 which is running successfully still now,Overall this insurance is good to use.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance policy from LIC. It is a cash back policy. I have taken this policy through agent. The representative explained about the benefits clearly. The policy coverage and plan benefits are satisfactory. I pay 4500 rupees quarterly through cash or net banking.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Excellent policy to use"
      0.5 5.0/5 "Blown Away!"
      I have got the Life insurance policy for my child and it was started from the month April. This policy has the tenure of 21years. I pay the premium amount of Rs,2700per month. The plan benefits and the policy coverage is better with this policy .
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Better Jeevan anand policy "
      0.5 5.0/5 "Blown Away!"
      Holding the Jeevan anand Life insurance policy for more than 2 years from the LIC. The customer support service is good with the LIC and they have better plan benefits and the payment options. I pay the premium amount through ECS which is easy and helpful.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 20, 2018
    • HDFC Life Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Hdfc Life insurance service is good. I have taken it for the term period of 35 years and I have one policy with Hdfc Life. They use to update me with new schemes and offers through email. The documentation part has been smooth. It is a average service from Hdfc Life insurance service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 20, 2018
    Common Loader Icon
    Page 1 of 50 1 2 3 4 5
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.