Money Back Insurance Claim Settlement Process Explained

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. In the case of money-back plans, the claim process is much easier than other plans. 

The sum assured as promised under the traditional policies can only be availed or claimed once the policy is matured. This is one of the major reasons people are moving towards the money-back policy plans as they offer a percentage of the sum assured on fixed intervals. This does come as a ray of hope in case of a financial crisis where immediate funds are required.

Money-Back Insurance Plan and its Benefits

 If you purchase a money-back policy the plan offers a percentage of the sum assured at fixed intervals during the tenure of the policy. These are known as Survival benefits. Apart from the Survival Benefits, the remaining sum assured is paid along with the vested bonuses after the maturity of the policy.

Claiming Process For Various Benefits Under Money Back Policy 

• Death Benefits Claims

In case of the sudden demise of the insured person, the nominee gets the sum assured and the additional bonuses accumulated till the date of death. The nominee won’t receive the remaining survival benefits. The process is very simple as the nominee or the claimant needs to inform the organization by filling up the online form or needs to visit the local office of the insurance organization. The claimant needs to compile the documents such as the original policy papers, death certificate, medical documents by the allotted doctor in case of death due to medical ailments. The claim will be processed once the insurance organization verifies all the details.  

• Maturity Benefits Claims

Maturity Benefits can be claimed after the maturity of the policy. This includes the sum assured which is the total amount of the cover that is chosen by the insured during the initiation of the policy. In the case of maturity benefits, the claimant or the insured person needs to follow some of the steps mentioned above. The maturity claim form can be downloaded from the insurance organization's website or can be filled offline by visiting the local office of the insurance organization. The insurance organization will verify if all the premiums have been paid or as they need to make sure that there are no overdue premiums left. 

• Survival Benefits Claims

To claim this benefit the organization needs to pay the required premium promptly. This amount that is meant to be received by the organization is fixed at several intervals. Again taking the example of a person who is supposed to receive the survival benefits every 5th year which will let's say will sum up to a total of 8 lakh, which leaves the remaining sum of 2 lakh extra benefits.

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. 

Also read 

Who Should Buy A Money Back Policy?

Benefits of Money Back Insurance Plans

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.