Claim Process For Endowment Plans

Endowment plans are one of the most popular life insurance policies. The long-term safety of capital and a guarantee of returns make it one of the best savings options for important financial goals. The life cover in endowment plans makes them a preferred investment for goals that you would want to achieve. Endowment life insurance plan is a good investment option for financial goals such as:

i. A child’s higher education
ii. Daughter’s marriage
iii. A dependent relatives or family member's financial security
iv. Preservation of wealth for a long time
v. Legacy or wealth distribution to the next generation.

Tax savings and tax-exempt maturity mean your wealth will be safe from the taxman. The long tenure of investment means you can use the plan to not only preserve the wealth but also pass it on without tax liability to the next generation.

Claim Process of Endowment Plans

If you die during your endowment plan, then your family needs to file a claim to receive the death benefit.

1. Fill the Claim Form

This form is part of the set of forms that are to be submitted to the provider to initiate the claim. The claim form should be signed by the beneficiary or the nominee of the endowment policy.

Here are the documents that may be required

i. Loss statement from the last treating doctor
ii. School or the college certificate
iii. Employer certificate
iv. Certificate from the treating hospital
v. Death Claim form (also known as Form C)

Apart from this, insurers also ask for the statement of the witness who was present at the time of the cremation rituals. If the death was due to unnatural causes, then a post-mortem report or an investigation report in the case of a police case is also required.

2. Verification

After you submit these forms, they will be verified by the insurance company. After successful verification, the claim will be provided.

Documents Required to Buy an Endowment Plan

You can purchase an endowment plan either online or offline. The first step involved in purchasing the plan is to fill out the application and the proposal form. After filling out this form, you need to submit certain documents. Be sure that you have all the important documents ready that are necessary for buying the plan.

Given below is the list of documents requested by the insurance providers to carry out the purchase of an endowment plan. You can either submit these offline or through the company’s website.

i. Passport Size Photograph
ii. Age proof (birth certificate)
iii. Identity proof (AADHAR card, PAN card, etc)
iv. Address proof (AADHAR card, Voter ID, copy of bills, etc)

All these documents must be original. If any discrepancy is found, your application can be cancelled and you may face charges.

Conclusion

Check the claim settlement ratio of the insurance company before you make a decision to buy the plan, as you must know the degree of ease and convenience of dealing with the insurance company. Ensure you read the terms and conditions before signing on the dotted line to stay on the safe side.

Also read: What is Bajaj Allianz Endowment Policy

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