• How to Claim Your Life Insurance Policy

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    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
      "Better service"
      0.5 4.0/5 "Great!"
      I have the life insurance policy from the LIC for the past 12 years. This policy has the tenure of 20years. The customer support service and the response is good from the LIC. I pay the premium amount of Rs,3500 to this policy annually and I pay the premium through online.
      Was this review helpful? 0
      , coimbatore
      Reviewed on May 21, 2018
    • Birla Sun Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a Life insurance policy with the Birla Sunlife, I never faced any issues with their services. The premium is auto debited from my account via ECS and overall it is a good policy to have. I'll have to wait and see whether they adhere to their promises in future.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2018
    • Birla Sun Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've two life insurance polcies with the Birla Sun Life. I make a payment of 10200 per month, the premium gets auto debited from the account via ECS which is more convenient for me. Their customer support is also good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I hold a life insurance policy with LIC from last 10 years and it is a long term policy. I am satisfied with the coverage and returns of this policy. I pay my premium once in 6 months through ECS and i am convenient with the payment options. The name of the policy is Jeevan Anand and the maturity period for this insurance is 25 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC for which I make a payment of 2000 Annually. The premium gets auto debited from my account which is convenient for me. Their services are good and I never had any issues with the policy and their services.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I hold the Money back life insurance policy from the LIC around for the 4 years. The customer support service and the response is good from the LIC. I pay the premium through online. This policy has the tenure of 20years. The policy coverage and the plan benefits are good here and I am satisfied with it.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have got the LIC life insurance policy around 7years ago,. Te customer support service and the response is good from the LIC. The policy coverage and the payment options are better with the LIC. This policy has the tenure of 16years,. I pay the premium amount of Rs,7500 every year.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having a Life Insurance Policy from LIC, the plan benefits and policy coverage is good, I pay the premium amount on quarterly basis through on line process, it's easy to make the payments as good options were given. The policy if for the period of 15 years and I am not sure how much is the sum assured amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy from the LIC, for the Jeevan Anand policy I pay a premium of 2000 quarterly for a sum assured of 20 lakhs, I most of time makes payment at the branches. Their staffs are good. Overall I never faced any issues with their services.
      Was this review helpful? 0
      , pune
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with LIC from last 10-12 years and it is a long term policy. I am happy with the coverage and returns of this insurance policy. I pay my premium once in a year and i am convenient with the payment options. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 20, 2018
    • Reliance Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the Reliance Life insurance. After 15 year lump sum amount will be paid. I make the payment online and offline and never had any issues with their services. I'll have to wait and see whether they adhere to their promises in future.
      Was this review helpful? 0
      , secunderabad
      Reviewed on May 20, 2018
    • Exide Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with EXIDE life from last 1 year and it is a long term policy. I am happy with the coverage and returns of this insurance policy. I pay my premium once in a year through net banking and i am convenient with the payment options. The maturity period for this insurance policy is 10 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 20, 2018
    • LIC Life Insurance
      "Average Policy"
      0.5 2.5/5 "Just OK"
      I hold a life insurance policy with LIC from last 22 years and it is a long term policy. The tenure for this insurance policy is 25 years and i pay my premium once in 3 months through net banking. I am convenient with the payment options and i am not happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 20, 2018
    • LIC Life Insurance
      "LIC poilcy"
      0.5 4.5/5 "Excellent!"
      I have been using LIC Jeevan Saral policy for last 5 years. I have been paying premium of 6005 every year for the tenure of 35 years. Nice service and online payment options make things simpler. The policy provides various flexible options
      Was this review helpful? 0
      , mumbai
      Reviewed on May 19, 2018
    • LIC Life Insurance
      "Average Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC money back policy for the past 10 years. I pay a premium of2500 every 6 Months for a coverage of 1 Lakh. The tenure is 20 years. They also offers cash back of 10000 every five years. Overall I never had any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2018
    • HDFC Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have got the life insurance policy from the HDFC life and this policy has good benefits in it.I have got the policy around a year ago. This policy has the tenure of 15yers and I have paid Rs,1,00,00 to this policy and i am satisfied with the plan benefits and the coverage.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on May 18, 2018
    • Max Life Insurance
      "Better policy to use"
      0.5 4.0/5 "Great!"
      Got the life insurance policy from the MAX LIFE around 10 years ago. This policy has the tenure of 20years. The premium amount of Rs,24,000 every year. The plan benefits and the coverage is good with this policy. I pay the premium through ECS.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on May 18, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Holding the Child plan life insurance policy from LIC and I have got this policy around 5 year ago , this policy has the tenure of 18years. The plan benefits and the coverage is god with this policy, it has better options and I pay the premium amount of Rs,3000 to this policy.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on May 18, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Having money back life insurance policy for more than 5years. The customer support service and the response is good with the LIC company. I get the ,benefit of money back from this policy. The plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on May 18, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Got the jeevan suraksha Life insurance policy from LIC around 5 years ago. The customer support service and the response is good with the LIC . The tenure of this policy is 10 to 20years. I pay the premium amount of Rs,3000 for this policy. The plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on May 18, 2018
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