How to make a claim under your life insurance policy?
A life insurance is a prudent purchase that ensures your family is protected in the event of an unfortunate occurrence on your life. Hence, you should ideally purchase sufficient life insurance cover for the future well-being of your loved ones. Raising a claim to avail the insurance money is also a significant part of life insurance.
Life insurance claims are of two types, i.e., maturity claim and death claim. The maturity claim is done by the policyholder, while the death claim is raised by his/her nominee. Here, we elaborate on these two types of claims under life insurance:
Claim at maturity - The insurance company usually gets in touch with the policyholder 2-3 months before the maturity of the life insurance policy. They inform the policyholder various details relevant to the policy, such as the maturity amount, maturity date, and details of the discharge voucher. The policyholder will be required to sign the discharge voucher (which is effectively like a receipt) in the presence of witnesses. He/she should then send it back to the insurer with the original policy documentation, following which the payment will be made. If the policy was assigned to another individual or an organisation (such as a housing loan company) the assignee would be required to provide the updated discharge voucher for the payment. Subsequently, the claim amount will be paid to the assignee.
Claim at death - When the life assured dies during the term of the policy, a claim intimation should be sent to the insurance company at the earliest possible time. This can be done by the nominee or assignee under the policy. Any other close relative or the agent who handles the policy can also initiate this process. The claim intimation should be inclusive of information such as the date, place, and reason for death. The insurance company will respond to this intimation and request for the following documents from the claimant:
Updated claim form, provided by the insurer
Deeds of assignment, if relevant
Know Your Customer details of the nominee and the person intimating the death. The NEFT details of the nominee is also required to be furnished for the credit of the amount.
The insurer may also request for additional documents, such as medical attendantās certificate, employerās certificate, hospital certificate, post mortem report, and police inquest report, depending on the specific situation of death. When all the required documents have been submitted to the insurance company, they verify the claim through their internal processes. Following this, the claim settlement amount is paid out to the claimant.
pixelskylines
izzy806
yousharknotpass
amandla
s-u-f-j-a-n-s-t-e-v-e-n-s
2087
germansingergirl