Life is uncertain. Family members are dependent on the earning member of the family. In case of loss of such earning member, family, dreams, children’s education and family financial status would get ruined. Here come life insurance plans. When buying a life insurance plan, the insurance company, agent (if any) and friends, everyone would give suggestions. However, when one need to claim in case of the death of the life insured, there is almost none who can support in putting up correct documents. This article details the step by step process on how to claim Life Insurance Policy in case of Death or on maturity.
What is life insurance?
Life insurance in simple words is the risk coverage provided to the life insured by the insurance company. In case of unfortunate death of the life insured, the sum assured is paid by the insurance company to the designated nominee. Life Insurance helps individuals to provide financial support to their beloved family members even in their absence. Such financial support could be kids education, daughter’s marriage or daily regular expenses to be met by a spouse.
How to claim Life Insurance in India?
Life insurance claims can happen in two scenarios i.e. Due to Death of life insured or on Maturity of the policy.
A) How to Claim Life Insurance Policy in case of Death of Life Insured?
In case of unfortunate death of the life insured, family members need to follow below steps for easy and smooth processing of the claim
#1 – Intimate Insurance company
One should immediately inform the insurance company about the death of the life insured. This can be initiated by the nominee or any of the family members of the life insured. This step would help insurance company which can keep track of the claim.
#2 – Fill Claim Form
There are over 24 life insurance companies and every company has their own claim forms. One need to approach concerned insurance company, get the claim form, fill it and duly signed. One should be little careful in filling all the fields without leaving anything. If the form is incomplete or incorrect, the insurance company can outright reject the claim. One need to be extra cautious while filling the form.
#3 – Provide necessary supporting documents
Just filling claim form is not sufficient. One needs to provide necessary supporting documents like:
Insurance Policy document – One need to provide this document irrespective whether the policy is taken offline or online. In case of online, the policy document is generally couriered within 3 weeks time from the date of inception of the policy.
ID Proof documents to be submitted like PAN Card, Driving License, Passport, Voter ID etc.
Proof of address of the nominee / person claiming like Aadhar Card, Passport, Driving License, Ration Card, Telephone bill, Electricity Bill, Voter’s ID Card etc.
Death Certificate issued by the registrar or a local municipal corporation
Discharge form – In case life insured was hospitalized before passing away, this document is required.
Postmortem report in case of unnatural death
#4 – Document submission of claim
Once all the claim form is filled, signed and necessary supporting documents are collected, one can initiate a claim with the insurance company. In case of online plans, these documents need to be sent to insurance company registered address. In case of offline plans, one can approach the insurance company branch and submit the claim for the life insurance policy.
B) How to Claim Life Insurance Policy on Maturity?
This process is simple. When the life insurance is getting matured, the insurance company would intimate the life insured about the policy maturity process 3-4 months ahead of the time.
Some insurance companies would send the discharge voucher too, which needs to be filled by the individual.
Once the maturity date is reached, individuals need to approach life insurance company, fill the voucher provided by them (it is like a receipt) and provide policy document and cancelled cheque. Based on this the amount would be credited within 30 days in the bank account indicated on the cancelled cheque.
In case the life insurance policy has been assigned to any person or company (like a bank or housing finance institution) for taking loan, the amount would be paid to the assignee only.
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