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How to Make a Life Insurance Policy Claim?

How to Make a Life Insurance Policy Claim?

Life insurance plans can be of two major types— term insurance and traditional life insurance. A term plan offers a lump sum death benefit to the nominee in the event of the demise of the policyholder during the policy term. The death benefit offered is usually a large lump sum amount. On the other hand, a traditional life plan offers both death and maturity benefits but the death benefit amount is not as high as that in a term policy.

So, when it comes to making a life insurance policy claim, see whether your chosen plan is one of term or traditional life insurance. If it is a term plan, the nominee needs to learn about making a death claim. If it is a traditional plan, one must know how to make both maturity and death claims.

Steps to Make a Death Claim Under a Term Life Insurance Plan

Step 1: Claim Intimation

You can do the claim intimation of your insurance plan online or offline. Here, you need to contact the life insurance company by dialling their customer care number. The staff will take all the required details from you to give you a claim form for a death benefit that you must fill out.

Step 2: Complete the Claim Form

Here, you need to duly fill out the given claim form by providing all the necessary details. These can include the policyholder’s name, the policy number of the term life insurance plan, the client id and more.

Step 3: Submit the Necessary Documents with the Claim Form

Now you need to submit the claim form together with any required supporting documents such as police reports, medical bills, etc.

Ask the insurer if the documents need to be submitted in photocopies or original and whether they should be attested by a police Sub-inspector, Magistrate, Gazetted officer or Tahsildar. Based on their requirements, do the needful.

Once you’ve completed the form, signed it and arranged for all the needed documents, consider submitting them at the closest branch office of the insurance provider. Alternatively, you can send the papers by post to the claims department of the insurer.

Step 4: Claim Processing and Decision

After you have submitted the claim form along with the necessary documents, the insurance provider will verify the papers and assess your claim. Once all the documents are successfully verified and your claim request is approved by the insurer, you will receive a confirmation of payment from them. This can usually take a few days. After that, you’ll get your claim amount through an electronic fund transfer or in the form of a cheque.

Steps to Make a Claim Under a Traditional Life Insurance Plan

If you make a death claim under this type of plan, follow the above-discussed steps.

You can claim a maturity benefit on completion of the policy term. For that, the insurer usually provides you with a bank discharge form in advance. You need to fill in its details, prepare the needed documents and send them together back to the bank.

Ensure to buy life insurance from a reputed insurer in India that has a high ratio and a seamless process for claim settlements.

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