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Smooth settlement of life insurance claim is as easy as buying a policy. All you need to do is be vigilant while you are buying a policy. The process starts with filling up the form and signing the documents. One carelessness can lead to rejection of your claim.

Facts To Be Taken Care Of For Smooth Claim Settlement

  • Claimant’s Statement: The death claim form should be filled by the beneficiary with all the required details. smooth life insurance claim settlementThis formality is a must in case of a life insurance claim settlement. The original copy of the life insurance policy needs to be attached along with the claimant’s statement. 
  • Authentic Documents: All the documents submitted by you at the time of filling up the form should be authentic and true to knowledge. Any discrepancy in the documents can lead to rejection of the policy at the time of claim settlement. No ambiguity or duplicity in documents is entertained by the insurance company.
  • Regular Premium Payment: Payment of premiums at the proper time is very important. The policy may lapse in the case of late premium payment. In case the premiums are not paid regularly then the beneficiary can face problems at the time of claim settlement.
  • Disclosures: Normally, a claim within 3 years from buying a life insurance policy is termed as an early death claim by most of the insurance companies. It might get rejected under certain terms and conditions as it varies for companies. So, in this case, you should read the companies disclosures carefully. 
  • Inclusions And Exclusions: Any habits of tobacco and alcohol should be mentioned to the insurance company as they have different criteria for that. In case of any discrepancy in facts, the insurance claim might get rejected. 

Facts like these are mentioned in the exclusions of the insurance policy. If you are suffering from any disease from beforehand then that should be mentioned to the insurer at the time of buying the policy. A close reading of the policy is required even after buying the policy. The free look period of 15 days provides you with an opportunity to decline the policy in case you are not comfortable with the terms and conditions.

Read More: How To Claim Personal Accident Insurance?

  • Intimate Nominee About Policy: The nominee is a compulsory section in case of life insurance policy as in case of death the nominee can only claim the death benefits. In case there is no nominee mentioned in the insurance policy then one might face a problem as it can be claimed by the family heir. 

Moreover, whomever name you have mentioned in the nominee section, please intimate him/her with the fact. The awareness is very important for a smooth claim settlement.

  • Update You Details: All the changes in your details are to be reported to the insurance company. Details like a surname, contact number, address, etc. need to be reported. The change in the name of the beneficiary is also important. The beneficiary is important at the time of claim settlement. So, one should keep the heed of these things.
  • Have An E-Insurance Account: The e-insurance account makes things easier and convenient as it provides a 24X7 facility. Details can be updated and checked while you are sitting at home.

Must Read: Why Choosing of Life insurance Product Is Important?

Essential Things Required At The Time Of Claiming Settlement

  • Original Policy Papers
  • Death certificate
  • The nominee/beneficiary should inform the insurance company of the death as soon as possible.
  • On-time submission of the required documentation for the claim process.

Conclusion

A smooth claim settlement involves the role of both the policy buyer and the beneficiary equally. The documentation at the time of buying a policy and claiming a policy need to be authentic for the hassle-free process of the claim. All the terms and conditions should be fulfilled mentioned in the policy and you can get the claim processed easily. Read more about life insurance claim settlement...

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Naval Goel is the founder of PolicyX.com. He is an Associate Member of the Indian Institute of Insurance`, Pune. He has been authorized by IRDA to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
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