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  • 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
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have my life insured with LIC from last 6 months and it is a long term policy. The tenure for this life insurance policy is 16 years. I pay my premium once in 3 months and for every premium thy charge GST with which i am not happy with. The coverage and returns are not up to the mark.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 17, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 10 years and it is a long term policy. I am happy with the coverage and returns of this policy. I pay my premium once in a year by cash and the payment is collected by the agent. The maturity period for this policy is 25 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 17, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my life insured with SBI LIFE from last 10 years and it is a long term policy. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the returns and benefits of this policy. The maturity period for this policy is after 25 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 17, 2018
    • LIC Life Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I took life insurance jeevan policy from Lic insurance company mainly because of the good returns, its 20 years of tenure period , the payment am doing through Ecs monthly . There customer service and customer response is good .This policy covers accidental and critical illness coverage for 50 years .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 17, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      l I have taken life insurance jeevan policy from the life insurance corporation of India . I pay the premium amount monthly which gets auto debited from my account . The policy coverage till 6o years with accidental benefits and critical illness . They gave the tenure period of 20 years and am satisfied with the premium amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 17, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance jeevan policy from Life insurance corporation of India . This policy covered with accidental coverage and critical illness coverage . This is good policy with good benefits . Overall am satisfied with customer service and response . I have choose tenure period of 20 years with policy coverage of 55 years and make the payment yearly through their agent
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 17, 2018
    • SBI Life Life Insurance
      "Poor policy"
      0.5 1.0/5 "Really Bad"
      I have taken sbi life insurance now i have closed it as they have false promise as i have taken this policy based on good returns after 5 years but at the time of closing they have make payment which they have deducted some amount of rs 80k above . I have contacted their customer service as there is no proper response from them. And i wont recommend any one for this bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 17, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken life insurance jeevan policy from Life insurance corporation of India . This policy covers with accidental coverage and critical illness coverage . This is good policy with good benefits . Overall am satisfied with customer service and response .And making the payment yearly through on-line net banking.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 17, 2018
    • Bajaj Allianz Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with Bajaj Allianz from last 5 months and it is a short term policy. I am happy with the returns and benefits of this 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 policy is 10 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 17, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I took life insurance jeevan policy from Lic insurance company mainly because of the good returns, its 15 years of tenure period , the payment am doing through on-line monthly . There customer service and customer response is good .This policy covers accidental and critical illness coverage .
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 17, 2018
    • Tata AIA Life Insurance
      "Policy"
      0.5 0.5/5 "Unacceptable"
      Fraud company, only wants to sell at any terms with a huge difference in what they commit and what they want to deliver. My personal advice is to check all documents before paying anything to them. Or rather stay away from them to avoid eventual loss.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 17, 2018
    • Max Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the Max Life. I am premium 30K per year, the tenure 15 years, it offers accidental coverage also. Many of my friends recommended me this policy. So far it has been a very good experience with the policy.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jul 16, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. The tenure of the policy is 20 years, I am paying a premium of 30000 per year. I make the payments via the LIC website which is convenient for me. So far it has been a good experience with their services.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 16, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 20 years and it is a money back policy. I am happy with the returns and benefits of this policy. I pay my premium once in 6 months by cheque and i am convenient with the payment options. The maturity period for this policy is 25 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 16, 2018
    • Aviva Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the Aviva Life. I am paying 8000 per year via Online. The sum assured is 1 Crore and considering the policy features and plan benefits it has been a very good experience with the life insurance policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 14, 2018
    • Aegon Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a term life insurance policy with the Aegon Life. I am paying a premium of 5000 per year, The sum assured is 50 lacs. I am making payments online. Claim settlement ratio was above 90% so it was a confident decision in choosing as my life insurance provider.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 14, 2018
    • LIC Life Insurance
      "This is great policy for Employer-Employee"
      0.5 5.0/5 "Blown Away!"
      We (CleverMind Solutions Pvt Ltd) took this policy for our employees, they are very happy and we are also happy because we are providing life insurance cover of Rs 10 lakhs to every employee. What a unique product it is with affordable premium .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I am paying a premium of 31000 per year. I am paying the premium via the agent and sometimes via cheque, tenure of the policy is 20 years. It has been a smooth experience so far with the policy and their services.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, for one policy I am paying a premium of 24000 per year. I never faced any issues with the policy and their services. I pay the premium sometimes via the agent and sometimes via Cheque. So far it has been a very good experience.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've started an educational policy with the LIC for my children for which I am paying a premium of 400 per month. The policy is specifically focused on the educational requirements. So far it has been a good experience,
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 13, 2018
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