Life insurance is the deal between a you and insurance company in which insurance company covers your life in return of your premium. The main purpose behind buying life insurance policy is to support family in time of crisis. Life assured pays premium in a hope that in case of untimely death his family will be financially secure. Claim settlement is the major functionality of life insurance. In simple terms,claiming a policy in life insurance means asking insurance company to pay for losses which are covered in policy. This article is for those who wants to know about procedure of claim.
Pre steps before claiming :
- Check policy status : It is required to check status of policy before claim intimation. You can claim if your policy status is in-force (active). In case, you have missed paying premium and it has exceeded grace period, your policy turns to lapse. In that case, you are not eligible for receiving claim amount.
- Exclusions : You have to read policy document carefully whether reason of death for which you are going to claim is covered or not. For Ex, if life assured commits suicide within 1 year of issuance, Life insurance company denies paying sum assured to insured.
Steps of Death claim :
- Intimate insurance company and Get a claim form : Reach out to nearest branch and get claim intimation form. You can also get online form on website of that particular insurance company.
- Fill a claim form : There are various details which you have to fill as a beneficiary such as cause of death, date of death, name of life assured, name of beneficiary etc. Take a help of advisor if any while filling a form.
- Documents needed : you have to submit vital documents such as
- Death certificate
- Original policy document
- Beneficiary documents such as pancard and Aadhar card.
- Hospital Records
- If life assured dies within 3 years from risk commencement date then there will be more investigation to check genuineness of claim. Such as
- Police FIR( if any depends on nature of death)
- Postmortem report ( if any depends on nature of death)
- If life assured dies in hospital due to illness, insurance company will check with hospital about records of treatment.
- Settlement of death claim : Once you submit documents, insurance company will validate your documents. If valid and met terms and conditions, claim gets approved and settled.
This article is not sponsored and not meant for endorsing any particular insurance company. Please Check Terms and Condition of respective organization along with inclusion and exclusion before buying insurance policy.