An insured
person religiously pays his Life
insurance premium, regularly, year by year until he reaches the maturity
age or in unfortunate case dies before maturity. In the unfortunate incident of
death of the insured person, life insurance provides financial
security to the survivor’s family, who continues living life with the finance
that help them live their life normally but without him.
Before the
family can procure this financial
help, the family or Nominee has to perform certain requisites in the form of a
claim. Life insurance claim is a
procedure initiated by the Nominee who will provide the required Documents and
NOCs, if any, to the Insurance Company.
The Documents required for the claim settlements are:
·
Death
Certificate of Insured Person
·
Policy
Document (Original)
·
KYC
Documents
·
Nominee’s
Documental Proofs
·
Hospital
discharge certificate, if any.
·
FIR
·
Post
Mortem Reports
Three types of Claims have been described. Death
Claim, Maturity Claim & Riders claim. The procedure to settle these claims
are as follow:
1. Death Claim Settlement:
The Death Claim Procedure can be completed in three easy steps:
·
Intimation
of claim
·
Document
submission
·
Settlement
of claim
1. Intimation of Claim:
The nominee should inform the Life Insurance Company about the claim in
written form immediately, providing
details like Name of the insured, date of death, claimant’s name, address etc.
documents, to the nearest Insurance company branch and duly fill the requisite
form provided by them for the same. Provision to submit the said form online is
also available.
2. Document
submission:
Documents are the most important proofs in order to settle the claim smoothly. Remember to provide all the documents as mentioned above to the authorities.
3. Settlement
Of Claim:
After receiving related documents from the nominee the Life Insurance Company should roughly take about a month to process the claim from the date of submission of documents, but in case where some investigations are involved it may go up to three to six months also depending upon delaying factors.
2. Maturity Benefit Claims:
The insured is in a lucky situation if he survives the Maturity period as he is now entitled to receive huge benefits comprising of Sum assured plus Bonus plus incentives etc. The Policy holder is informed about the impending maturity beforehand by the Life Insurance company and an online form is advised to be filled with due attachments, or if not internet savvy, he is invited to the office of the insurer company to complete the requisite formalities.
The proceeds can directly be sent to his bank Account. That settles his maturity benefit claim.
3. Riders Claims:
When an additional benefit is sought along with the regular Life insurance plan by paying some extra premium with the basic plan then its called a Rider. Accidental Death rider, Critical Illness Rider are few important riders given along with the existing life insurance plan.
The Accidental Rider provides financial support to survivor’s family whenever the insured meets with an accidental death. This is also called indemnity rider as it pays double the amount of policy. In critical illness rider If the insured is down with critical illness & is no more in earning condition anymore then he is provided the financial assistance to continue living his life here onwards & no more premium payment is required. For detailed info. please see the relevant Life Insurance company’s website.
Important Note:
The Claimant or the Nominee is hereby advised to read the Terms & Conditions of the relevant life Insurance company carefully. He/she must provide the relevant documents to avoid delay in claim settlement. We strongly recommend that You read the Terms & Conditions thoroughly with your agent or advisor and then proceed accordingly. Its Always advisable to Contact your advisor regarding claim settlements & for more details.
Hope you found this
article helpful. Its been written to give some insight regarding the claim
procedure. For any queries or more details do contact here.
