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Documents Required for Life Insurance
Documents Required for Life Insurance Application
Following is the list of documents required while applying for a life insurance policy:
- Duly filled Proposal Form
- Photograph of the Proposer/Life Assured (Adhaar Card, Voter ID Card, Passport etc.)
- Age Proof of the Proposer/Life Assured
- Photo Identity Proof of the Proposer/Life Assured
- Address Proof of the Proposer/LIfe Assured
- Medical Examination Report of the Proposer/Life Assured
- Income Proof of the Proposer/Life Assured
- PAN Card of the Proposer/Life Assured
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Documents Required for Life Insurance Claims
Life Insurance Claims are broadly categorized into three categories i.e Maturity Claims, Death Claim and Rider Claims. The claim benefits under life insurance are entertained by the beneficiary in the event of the untimely death of the policyholder. Let us understand about them in detail.
1. Maturity Claims
Under the maturity claim process, the policyholder receives compensation from the insurance provider upon the plan maturity. The compensation consists of sum assured along with any other incentives/bonus.
The insurance company reaches in advance to the policyholder along with a bank discharge form in order to avail this benefit. Then, the policyholder needs to fill in the details of the form alongside the appropriate documents and then they send it back to the bank.
2. Death Claims
- Claim Intimation: The beneficiary needs to intimate regarding the claim in written form to the insurer at the earliest. The information should include insured name, policy number, place of death, date of death, claimant name, etc. The claim intimation form can be availed by the beneficiary by visiting any of the nearest branches of the insurance provider or they can even do that by downloading from the official website of the insurance company.
- Submit Proper Documentation: To settle the claim easily, you must submit all the required documents. The nominee needs to submit various documents including death certificate, insured’s age, original policy document, etc.
- Claim Settlement: The insurance company is required to settle the claim within 30 days of all document receipts submitted by the policyholder. However, there would be a case, wherein the insurance company would need further investigation. Under this scene, the insurance company must complete its process within 6 months from the date of receiving the claim intimation in written.
3. Rider Claims
Riders are known to be additional benefits provided by the insurance company by paying an additional premium amount alongside the standard insurance policy. A life insurance plan can be attached with various types of riders such as critical illness rider, accidental rider, hospital cash rider, waiver of premium, etc.
Under the rider claim procedure, different types of riders get settled through different means. Rider claims like accidental death, waiver of premium, etc are settled by following the procedure of death claim settlement. Rest of the rider claims can get resolved by submitting all the necessary documents alongside policy copy and duly filled claim form.
Documents Required for Life Insurance Maturity Claims
- Duly filled Policy Discharge Form
- Original Policy Document
- Photo ID Proof of the policyholder
- Bank Account Details (copy of bank statement/cancelled cheque)
Documents Required for Life Insurance Death Claims (Death Due to Medical Conditions)
- Original Policy Documents
- Duly Filled Claim Form
- Nominee’s Photo ID Proof (Adhaar Card, Voter ID Card, Passport etc.)
- Nominee’s Bank Account Details (such as bank statement/ cancelled cheque)
- Death Certificate issued by local authority
- Attending Physician’s Statement
- Treating Doctor’s Statement
- Medical Records
Documents required for life insurance rider claims:
- Doctor’s Report
- Original or Copy of FIR
- Original or Copy of Police Inquest Report
- Original or Copy of Postmortem Report
- Other Documents (as asked by insurance provider)
Why Should You Pay Attention to the Documents Required for Life Insurance Application or Claims?
Each information that you give to your insurance company is very important for swift insurance policy issuance and claim processes. All the documents which are necessary for a life insurance plan hold great significance. While some of the documents are necessary for the purpose of claim settlement, others are needed according to the situation.
Highlighted below are reasons why you are required to pay attention to the documents needed for life insurance application or claims:
- Having all the required documents for a life insurance plan would help in easing the claim settlement process.
- The coverage amount can help your loved ones during a difficult phase, only if one provides all the mandatory documents while submitting applications for life insurance policy.
What Needs to be Done If the Documents Required for Life Insurance Plan gets Misplaced?
In case, the policyholder misplaces necessary documents which may be significant at the time of filling a claim for their life insurance plan, then they must immediately lodge an FIR at their nearest police station. The next important step is to intimate the insurance company regarding the missing documents required to register for a life insurance claim in order to avoid any future hassles. Afterwards, one must apply for a duplicate copy of documents required for a life insurance claim in the respective department and inform their insurer regarding the same. These small steps if taken on time would help the nominee at the time of filing for the claim.
A life insurance plan is said to be one of the most sought after options when we talk about safeguarding an individual's future needs. At the time of claim settlement, it is important for the claimant to go through the terms and conditions carefully and submit all the appropriate documents needed for solving the insurance claim. In case, one fails in doing so then it would lead to delay in claim settlement.
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