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Monday, April 12, 2021

How to claim your life insurance policy?

Image by Mary Pahlke from Pixabay 

How should I claim my life insurance policy? Am I eligible for all the benefits that policy had promised me? Whom should I contact in order to claim my life insurance policy?. These are some of the primary questions you would have while claiming your life insurance policy. In order to claim your policy, you should know the benefits that you are eligible to receive. For that, you must file a claim by informing the insurer and submit the required documents.

So in order to claim your life insurance policy, you must follow the steps given below. Also, claim related requirements are different for death claims and maturity claims.

Types of Life Insurance Claims

There are two types of Life Insurance claims – Death Claim and Maturity Claim.

What is Death Claim?

After the death of the person who had availed the policy, the nominee can make a death claim request to the life insurance company. This request is made for the payment of the Life Cover amount in case of the unfortunate event of the death of the Life Assured. The intimation for the insurance should be in written format. It should cover all the basic information like the Policy Number, name of the insured, cause of death, date of death, place of death, and also the name of the claimant. The form for the intimation is provided by the insurance company’s agent/advisor or from the nearest branch of your insurance company.

Here is an example of an online intimation form by ICICI Prudential Life Insurance. Please take note that all the companies provide claim forms on their website which you need to download and fill it up.

What are the Mandatory Documents for Death Claim?

Here is the list of forms and documents required. All the forms mentioned below are available on your insurance company website.

  • Claimant’s statement / Claim intimation form
  • Claimant’s statement / Claim intimation form for Lender Borrower Group (only for Credit Life policies).
  • Form For Affinity / Employer-Employee Group
  • Copy of Death certificate issued by Local Municipal Authority
  • Copy of Claimant’s Photo Identification Proof & Current Address Proof 
  • Canceled Cheque

Additional Documents Required for Non-accidental Death

  • Copy of Medico-Legal Cause of Death Certificate
  • Copy of all the Medical Records such as Admission Notes, Discharge/ Death Summary, Test Reports, etc.
  • Medical Attendant’s/ Hospital Certificate to be filled by the treating doctor
  • Certificate from Employer if the assured was salaried

Additional Documents  for Accidental Death

  • Copy of FIR/ Panchnama/ Inquest Report & Post Mortem Report for accidental death & suicide cases.
  • Copy of Driving License if Life Assured was driving the vehicle at the time of the accident (Applicable if ‘Accident and Disability Benefit Rider’ is opted)

Here is an example where you can view all the forms mentioned above for better understanding. Providing these documents to your life insurance company will help them to take a call on the status of the claim settlement.

What is the Settlement of claim?

Regulation 8 of the IRDA (Policy holder’s Interest) Regulations, 2002, clearly states that the insurance company/insurer must settle a claim in not more than 30 days from the date on which the documents have been received. Within the 30 days slot, the insurance company has to make sure to clarify any doubt regarding the event and related documents. However, the insurance company may also settle the claim before the time period specified by the IRDA. In case of further investigation is mandatory for the settlement than the insurance company should do it within 6 months from the date of receipt of the written intimation of the claim.

What is a Maturity Claim?

It is said to be one of the simplest claim procedures with minimal paperwork. This claim can only be considered after the maturity claim date. The claim date is the date on which the principal amount or any other type of debt instrument becomes due and is repaid to the investor and the interest payments stop. Most of the Life Insurance companies will inform you priorly when it is about to get matured. The claim is either provided through post-dated cheques or make the claim settlement via ECS credit, on the date of maturity of the policy.

What are the Documents required for the Maturity Claim?

  • Original LIC (or any of your insurance provider’s) Policy Document
  • Identity Proof
  • Age Proof (if not submitted previously)
  • Canceled Cheque leaf or a copy of the Policy holder’s Bank Passbook 5. NEFT Mandate Form (to transfer the maturity proceeds directly to the policyholder’s account)

The policyholder has to submit these documents along with the form no 3825 at least one month before the maturity date. In case the policyholder dies after the maturity date of the policy but before policy discharge procedures are completed, the claim is considered as a maturity claim and the amount is paid to the legal heirs of the deceased policyholder.

What is the procedure for the Maturity Claim?

The procedure to claim maturity is very simple. You need to submit the documents mentioned above and form no 3825 latest one month before the maturity date. Normally, the companies inform the policyholder when his or her policy is about to get matured. After the submission of the required documents, verification would take place. Once the verification of the documents is successfully done, the amount is paid through direct bank transfer.

Here are the takeaways

  • Death Claim – After the death of the policyholder, the nominee can request the claim. The settlement of the claim is done within 30 days of intimation form date.
  • Maturity Claim – Once the policy is matured, the policyholder becomes eligible to receive the payment on the given maturity date. Form no 3825 is necessary along with the required documents.

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Mayuresh Patil
My Instagram says I am silent-ink, My Facebook says I am a Newsy Guy. And My Gmail says I am an Utter Chaos. To sum up, a combination of Creativity + Simplicity. Also, never underestimate the power of words.

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