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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

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  • Bajaj Allianz Life Life Insurance
    "Safe plan for future"
    0.5 5.0/5 "Blown Away!"
    I have life insurance with Bajaj Allianz, I used to pay Rs. 12,000 for one year policy, it has the tenure of 40 years, Its a totally term plan for the value of 1 crore, they give lump sump amount to the nominees, the claim ratio is good and also terminal waiver on premium.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 14, 2018
  • SBI Life Life Insurance
    "Best ULIP Policy"
    0.5 5.0/5 "Blown Away!"
    I have purchased a market based policy 2 years ago. I have chosen SBI LIFE because it was suggested by my friend. I pay the premium amount of Rs. 10000. I make the premium through online. The growth was pretty good and tenure period of the policy is 10 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Best policy in LIC"
    0.5 5.0/5 "Blown Away!"
    My money back policy was taken with LIFE INSURANCE OF INDIA. I pay the premium amount of Rs. 5000 in a month. I have selected LIC because of the returns. I make the premium through ECS. Total tenure period of the policy is 25 years. My friend has referred me about this policy
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Good LIC policy"
    0.5 5.0/5 "Blown Away!"
    I'm just paying the premium and i have never get the sum assured amount and i will get it after 25 years of tenure period. I'm making the premium through ECS. I pay the premium amount of Rs. 5000 every month. I will get a coverage value of Rs. 1.27 Cr.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • Bharti Axa Life Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance from the Bharti Axa life as it has good returns i make the payment through on-line banking annually . This policy covers accidental and critical illness benefits with the tenure period of 15 years . Overall am satisfied with my policy .
    Was this review helpful? 0
    , faridabad
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Useful policy"
    0.5 4.0/5 "Great!"
    In the month of February, i have purchased a money back policy from Life Insurance corporation of India. I pay the premium amount of Rs. 15000. Last time i have paid the payment through cheque and in future i make through online. One of sister who is working as a LIC agent has referred this policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Useful policy"
    0.5 4.0/5 "Great!"
    I have purchased a term insurance policy 1.5 years back. There is no particular reason for choosing the LIC. I pay the premium amount of Rs. 26000 and i have chosen the annual payment mode. Sum assured amount was Rs. 70 lakhs. Total tenure period of the policy upto 70 years of my age.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have a life insurance policy with LIC from last 4 years and it is a long term policy. I pay my premium once in 6 months through direct payment and i am convenient with the payment options. Tenure period for this policy is 18-20 years. The returns and benefits are good in this policy.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where the name of the policy is ENDOWMENT PLAN and i am using it from past 10 years. The maturity period of this policy is till 67 years of my age. This gives the policy coverage of 4 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Good Policy with Life Coverage"
    0.5 5.0/5 "Blown Away!"
    I have agent who coordinate with me for my life insurance, they are responding well, the customer support is good, they have different payment options. The policy name called Jeevan labh its for 15 years I get the benefits as lump sum amount with life cover.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Life insurance corporation of India,the agent had clearly explain me about the policy coverage, plan benefits etc, there premium amount they have charged me was nominal,they charged in quarterly basis,overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 13, 2018
  • HDFC Life Life Insurance
    "Fine policy for emergency purpose"
    0.5 5.0/5 "Blown Away!"
    Along with my personal loan they have provided me a life insurance policy from HDFC LIFE. I have to pay the premium amount of Rs. 6000 in a year. I used to pay the premium through online. Total tenure period of the policy is 4 years. I'm getting a sum assured amount of Rs. 3 lakhs.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Dec 13, 2018
  • SBI Life Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I took this Life insurance from Sbi life mainly because of the good returns. The payment am doing through online every year through online payments . The best about the policy is it covers accidental coverage and critical illness There customer service and customer response is also good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    Based on the benefits and returns i have chosen this life insurance corporation of India . I am satisfied with the amount which am making for the policy . Am making the payment yearly through online . This policy cover accidental benefits . Overall am happy with it.
    Was this review helpful? 0
    , faridabad
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have purchased a life insurance policy in my wife's name. 5 years back i have bought the Jeevan saral policy with Life Insurance Corporation of India. Since its a better company, i have selected the LIC. I pay the premium amount of Rs. 5400. Its a long term policy. I have selected the annual payment mode.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Best Service"
    0.5 5.0/5 "Blown Away!"
    I am using LIC using thee policies same policies life insurance coverage and two more different policies i am never contact customer Service for everything contact with agent only Responsiveness very good , Promised Interest Rate is less in LIC but trust worthy , Fees & Charges is use to pay by agent only. Hence i can give rating 5 for best service
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 13, 2018
  • IDBI Federal Life Insurance
    "Very Good"
    0.5 4.5/5 "Excellent!"
    IDBI Life cover policy for my children there is more benefits in this policy i have to pay 30k every year after his age of 16 partially amount will received for his education after few years for marriage and in risk factor also amount will provide once terms will complete total Amount will be received in 3 terms for this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Very good"
    0.5 4.5/5 "Excellent!"
    I am using Life Insurance policy and need payment in six month once i am happy with LIC insurance policy . Since long time i am using Life cover policy so i am only trust to LIC for Life insurance payment is made in cheque and sometimes in cash which one collected by agent for service i can give rating 4.5 very good service.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 13, 2018
  • HDFC Life Life Insurance
    "Every salary holder must taken this policy"
    0.5 4.0/5 "Great!"
    I have purchased the HDFC accidental policy nearly 4 years before. I have been paying the premium amount of Rs. 80000. I used to make the premium through my credit card and i covert into EMI basis. This is annual payment mode policy. This policy has coverage value of Rs. 15 lakhs and all my member covered in this policy
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Good policy in LIC"
    0.5 4.5/5 "Excellent!"
    Since its a Government undertaken i have selected Life Insurance corporation of India for my life insurance policy. One of my agent who referred me about the Jeevan Anand policy. I had purchased this policy in 2013. I used to make the premium amount of Rs. 30000 and i have selected the yearly payment mode. The policy will get over by 2033.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2018
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