"Spending a whole day looking for insurance is fun," said nobody, EVER!
"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • How to Claim Your Life Insurance Policy

    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.
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