One of the most important services provided by an insurer to its customers is a claim settlement. While applying for a life insurance cover, policyholders should be equally aware of the process of claim settlement to enjoy the benefits of the policy taken. Here is how you can claim your life insurance policy-
Types of Life Insurance Claims
Steps you need to take while making a death claim-
The first and foremost thing the nominee should do is to inform its insurer about the claim. They should also submit an intimation about their claim in writing to them to start the process of claim settlement. In the claim intimation, the claimant needs to mention all the basic information like their name, policy number, name of the insured, cause, date, and the place of death.
A claim intimation form can be obtained either from the insurance company’s agent/advisor or from the nearest branch of your insurer. You must also check if you can download the claim intimation form online from your insurance provider’s website.
Fill the claim form
After informing your insurer about the claim. The next step is to fill in the claim form and submit it along with the list of the below-mentioned documents. Here are some of the basic documents that your insurance company is likely to request in case of natural and accidental death:
In case of natural death
In case of an accident
After receiving all the documents, the insurer will start initiating the claim settlement process. But before starting with the claim settlement process, they will first verify the documents, nominee's declaration, etc. In some cases, beneficiaries are also requested to provide additional documents or information if required.
Settlement of claim
After reviewing and verifying your documents, the insurer will decide whether to approve your claim or not. If they are satisfied with the provided details, they will be ready to approve your claim and will inform the nominee also about the same. And if not, then they reject your claim. In case of approval, the insurance company would pay the death claim amount to the policyholder's beneficiary or nominee.
2. Maturity claim
Under the maturity claim, the policyholder is required to send the maturity claim/discharge form along with the original policy bond before the maturity date. However, most of the insurers also issue post-dated cheques or make the claim settlement via ECS (Electronic Clearing Service) credit on the date of maturity of the policy to settle the claim.
Overall, filing a life insurance claim is easy and painless if you are aware of the process. Please refer to the above-mentioned information and make your whole process of claiming life insurance policy hassle-free and smoother.