Child Insurance Claim Settlement Process Explained

Updated On Jul 06, 2021

Claiming Settlement Process for a Child Insurance Policy
Conclusion

The last stage of any insurance plan is the phase of claim settlement. An organization and the insured have to be prepared with all the details and documents required to ensure that there is no issue getting the claim as promised. The case of a child insurance policy just like any other policy involved very simple steps to claim the sum assured amount.

The sum assured ensured under the traditional policies can only be availed or claimed once the policy is matured. A child insurance policy is no different as the Settlement can be done either on maturity or in case of death of the insured person.

In this Article, We will keep a focus on Steps of Claim Settlement Process for a Child Insurance Policy.

Claiming Settlement Process for a Child Insurance Policy

There are certain steps which you need to follow while claiming settlement under a Child Insurance Policy. The steps are as follows:

Step 1- The first step is to initiate the claim process with the insurer Or the insurance company. The nominee needs to contact the insurance company to let them know that he or she is going to fill up the claim settlement form. The claim settlement form can either be obtained from the local insurance agency or can be downloaded from the dedicated website of the insurance company.

Step 2- After this, the nominee needs to compile all the required documents which are compulsory for the settlement. The list of documents might include-

A Death Certificate.
Age of the insured person.
The original policy documents

Any other documents required related to any specific scenario. For early death claims i.e the claim that has arisen within three years of the policy being in force the company will do an extra investigation to ensure it is a genuine claim.

Step 3- The next step is to submit the compiled documents. The nominee or the claimant needs to make sure that all the documents are complete and genuine and should submit them as soon as possible.

Step 4- This is the last step where as per regulation 8 of the IRDAI (Policy Holder's Interest) Regulations, 2002, the insurer is obligated to settle a claim within 30 days of receipt of all required documents including extra documents sought by the insurer. If the claim needs further investigation, the policyholder needs to complete its procedures within 6 months from receiving the written intimation of the claim.

In case the insurer has added riders to the base life insurance policy for enhanced protection. It can be an Accidental rider, Critical Illness Rider, Waiver of Premium Rider, etc. Depending on the type of rider that has been attached to the policy various claim proceedings are required. Some riders may be claimed with the death claim like accidental death rider or some riders need to be processed standalone like waiver of premium rider in case of disability.

Medical documents such as first diagnosis report, Doctor’s report, etc are required for Critical Illness Rider . For Accidental disability riders - a copy of FIR, Certificate of disability by the treating doctor, doctor’s report, etc are required.

Conclusion

To get the best of this policy you just need to make sure that you pay the premiums on time, and after this, just a bit of paperwork is required which will be verified by the insurance organization. After this, it takes several days for the amount to be credited to the claimant's or the insured person's account.