Documents Required for Life Insurance Claim
Updated On May 02, 2021
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Life insurance plans provide financial assistance to individuals and their family members if any unfortunate event occurs such as disability and death to the insured person. It is recommended that people should avail life insurance plans of insurance companies that offer a high claim settlement ratio alongside easy documentation procedure.
What is a Life Insurance Policy?
Life insurance policy is a formal agreement between the insurance provider and the insured individual, wherein the insurer pays a lump sum amount to the beneficiary after the death of the insured member. Here, in order to keep the insurance plan active, the insured member will pay a premium amount to the insurance provider.
Claim Process in Life Insurance
Life insurance claims are classified into three types i.e death claims, rider claims and maturity claims. Benefits of such life insurance claims are entertained by the beneficiaries in case the insured member passes away during the policy tenure.
1. Death Claim
If the life assured dies during the policy tenure, that means at the time when the policy has not matured, the proceeds and benefits can be claimed by the beneficiary. This claim is known as ‘life insurance claim’ or ‘death claim’.
Steps to Make a Death Claim
You can make a death claim by following the below given easy steps:
Step 1: Claim intimation
Intimation about the claim should be done to the insurance provider by the nominee in the written form as soon as possible. The details should include insured name, policy number, death place, claimant name etc.
Step 2: Submit Documents
In order to get the claim settled with ease, it is needed to submit all the necessary documents by the beneficiary.
The following documents needs to be presented by the nominee:
- Original Policy Document
- Death Certificate
- Birth Certificate
- Other Documents
Step 3: Claim Settlement
Within the 30 days of receiving all the documents submitted by the beneficiary, the insurance company is required to settle the claim. However, in events when the insurer needs any further investigation, the process could take some time( generally within 6 months).
2. Rider Claims
Additional benefits that are given by the insurance company on the payment of additional premium amount alongside the basic plan. The plan can be associated with various riders like accidental death, waiver of premium, hospital cash rider etc. under the claim process of rider, different riders get settled by different means. These claims are settled after the death claim settlement process.
3. Maturity Claims
Under the maturity claims procedure, the insurer gives payment to the insured member upon the completion of plan term. The payable amount includes a sum assured along with the benefits. The insured is reached out by the insurance provider in advance with a bank discharge form in order to avail the benefits. The insured member needs to fill the form and submit them to the bank alongside the necessary documents.
Documents Checklist Needed for Claim Process
At the time of claim settlement, the below documents are generally asked by the insurance providers:
- Filled and Signed Claim Form
- Original Policy Document
- Death Certificate issued by the concerned authority
- Police FIR (in the event of unnatural death)
- Age proof of Insured
- Post Mortem Report (in the event of unnatural death)
- Hospital Certificate/Records
- Employer Certificate (in the event of early death)
- Medical Certificate
- KYC Documents (Photo Id and Address proof copy)
- Cancelled Cheque and Bank Statement
Insurance claim should be made immediately by you as a claimant after the death of the insured person. Also, make sure you have all the necessary documents handy with you. By following all the above mentioned details, the whole life insurance claim process would become a smooth process for you.
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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.