How to make a claim on your life insurance policy?

Insurance policies are meant to financially safeguard your loved ones from the consequences of living without you or your income. When the policy tenure comes to an end or something unfortunate was to happen to you, the sum assured of the policy ensures financial stability. However, most people forget to verse themselves or their loved ones with the procedure to file a claim. This may result in unnecessary complications when something unfortunate happens. To ensure the claim process is a little simpler, this article will detail how one should go about making a claim on their insurance policy.

Firstly, let’s discus the types of claims, the first is when you make a claim on maturity. This means you’ve outlived the tenure and you are now entitled to the sum assured of the policy. The second type is claims made against riders such as accidental permanent total disability, partial /total permanent disability, critical illness, etc. In such cases the insurance company has to be informed post which they will take the process further and you will be entitled to the predefined benefits of such riders. The last type is that of a death claim, in such cases the nominees of the plan receive the sum assured of the insurance policy.

How to make a claim on a life insurance policy?

We research about the benefits of a plan, look for the best insurance provider, highest sum assured, etc. but sometime fail to understand or verse ourselves with the most important thing, the claim process. Not knowing this process could add to an already stressful situation or call for unnecessary complication to receive what you are entitled to. So let’s briefly understand how to make a claim.

In case of maturity claim, you have to simply download or collect a maturity claim form from your nearest branch. Then send fill-up & send this form along with some documents to your insurance provider. They will ensure your money is transferred to your bank account at the earliest. Some of the documents you might be required to furnish include ID & address proof of the policyholder, a copy of your PAN Card, bank documents for NEFT, copy of a cancelled cheque or a your bank passbook. If you have an NRI policy you would be required to provide a Foreign Account Tax Compliance Act (FATCA) form. If your plan is a pension product, you might also need to fill out an annuity form.

In case of death or rider claims on life insurance, one would be required to provide an intimation letter informing the insurance provider about the unfortunate event. Following this, the insurance provide might ask for a list of documents. In case of a claim on rider, one would be required to submit documents like the diagnosis & discharge summary, bills from the hospital, a copy of his or her pan card, ID & address proof, a cancelled cheque, an FIR of the accident.

In case of a life insurance claim on death, one is required to submit the death certificate, FIR, post mortem details, viscera report & a police final report.

Leading life insurance companies have simplified the claims process to help you better cope during challenging times in your life. Your agent & the insurance companies will do their level best to serve you in such time and some companies even provide you interest on every day the claim is delayed.

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