The life insurance policy offers financial security to individuals and families in case of any unfortunate events like death and disability to the life assured. It is suggested that individuals should avail life insurance policies of such insurers, which offer a high claim settlement ratio with easy documentation.
Here we'll discuss life insurance claim process and documents required for settling the claims.
Life Insurance can be classified into three categories, i.e. Death Claims, Maturity Claims, and Rider Claims. Life insurance claim benefits are entertained by the nominee, in case of the untimely demise of the life assured. Let's discuss all three in detail.
1 Intimation of Claim
The nominee should intimate about the claim in written form to the insurance company as early as possible. The details should consist of the policy number, name of the insured, date of death, place of death, name of the claimant, etc. The nominee can avail the claim intimation form by visiting the nearest branch of the insurance company or can download from the official website of the insurance provider.
2 Submit Proper Documentation
To get your claim settled easily, it is required that you should submit your relevant documents. The nominee will be asked to present given below documents to the insurer:
3 Claim Settlement
The insurer needs to settle the claim within 30 days of receipt of all documents submitted by the insured. However, there might be a case where an insurer requires further investigation. Under this scenario, the insurer has to complete its procedures within six months from the date of receiving the written intimation of claim.
Under this claim process, the insurance company makes payment to the policyholder on completion of the policy or maturity date. The amount that is payable consists of sum assured plus any bonus/incentives.
To avail this benefit, the policyholder is reached in advance by the insurance company with a bank discharge form. The policyholder is required to fill the form details along with the relevant documents and send it back to the bank.
Riders are defined as an additional benefit offered by the insurer by paying an extra premium with the basic plan. Life insurance policy can be attached with different riders such as Accidental Rider, Critical Illness Rider, Hospital Cash Rider, Waiver of Premium Rider, etc.
Under the rider claim process, different riders are settled through various means. Rider claims such as Waiver of Premium, Accidental Death, etc. are settled following the process of death claim settlement. Other rider claims can be resolved by submitting relevant documents along with duly filled claim form and policy copy.
Mentioned below are some of the important documents that are generally asked by the insurance company in settling the claims:
Life Insurance is considered one of the best options when it comes to securing your future needs. It should be noted that while settling the claims, the claimant must read the terms and conditions properly and submit all the relevant documents required for solving the claims. Failing in doing so will result in delayed claim settlement.
Published : 13 July 2020
Written By : Naval Goel
Last Updated : 25 March 2021
Term Life vs. Traditional Life Insurance- Which Is Better?
January 05, 2021
How to Get Duplicate LIC Policy Bond?
October 07, 2020
How To Check ICICI Prudential Life Insurance Policy Status?
May 15, 2020
What Are Late Payment Charges For LIC Premiums?
September 02, 2020
How To Check SBI Life Insurance Policy Status?
April 30, 2019
Life Insurance Claim Process & Requirements
July 13, 2020