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Life Insurance Claim Process And Requirements

Updated On Jul 19, 2021

There are various steps involved in the process of filing a claim on a life insurance plan. If the insured person dies an unfortunate death then the beneficiary or dependents of the life insurance plan should inform the insurance company immediately. Moreover, while filing the claim, it is important to keep all the documents handy. 

Besides this, before informing the insurance company there are certain things that the beneficiary should keep in mind. The life insurance plan should be effective and all the premiums should be paid regularly. The beneficiary should keep in mind all the exclusions. The exact situation for which the claim is made should be covered under the policy. 

Blow is a step by step process of claim settlement in a life insurance plan.

Step By Step Claim Settlement Process of A Life Insurance Plan

Here's a step by step guide to your claim settlement process of a life insurance plan: 

Step 1- Inform The Insurer About The Claim

In order to allow the insurance company to start the claim process, the beneficiary should inform the insurer as soon as possible. The documents that are required for the initiation of the claim are the policyholder's name, date of birth, policy number, reason for death, place of death, name of the nominee etc. The nominee of the policy can either download the claim form from the insurance company's website or van collect it from the nearest branch. 

Step 2- Important Documents To Keep Handy

There are some important documents that the beneficiary should keep with themselves while filing the claim. These are the age proof of the policyholder, death certificate, original copy of the policy documents and any other document as per the requirements of the insurance company or related to the case. 

Step 3- Submission of The Required Documents For The Claim Settlement Process

In order to fasten the process of claim settlement and to avoid any type of delay, the nominee should submit all the important documents as soon as possible. These documents include the proper filled claim form, original death certificate along with attested copy issued by the local municipal authority, original policy documents, passport size photographs of the beneficiary, identity proof of the beneficiary, medical records and last medical attended certificate by the physician. 

Step 4- Settlement of Claim

As per the IRDAI rules the claim settlement process should be done within 30 days. The insurer should settle the claim from the dates the nominee submits the claim form along with all the important documents. If the claim settlement requires some extra investigation then it is mandatory for the insurance company to complete the claim settlement process within 6 months from the date of receiving the written intimation to the claim. 

Take Away

Knowing the claim settlement process of an insurance company is very important. The higher the claim settlement ratio of the insurance company, the more reliable it is to purchase life insurance from that company. Thus before purchasing a life insurance plan check the claim settlement ratio of the insurance company and keep in mind the process of claim settlement. 

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.                 

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