How To Claim Your Life Insurance Policy In India
Before purchasing an insurance policy, a consumer must be confident with the claims process.
It is simpler for you when it comes time to utilise your insurance policy if you have a complete grasp of the claims procedure, especially for a life insurance policy
Here is all you need to know about making a life insurance claim.
The procedure for resolving life insurance claims
Death claims, maturity claims, and rider claims are the three types of life insurance claims. Each of these insurance services has a unique settlement process:
1. Death Claims: In the event that the insured individual passes away unexpectedly, the nominee or beneficiary may be entitled to insurance benefits. Only when the insurance has been in effect for three years and all premiums have been paid may death claims be processed.
In the event of death claims, the first step is to notify the insurance company of the claim. The nominee is required to notify the insurance company as soon as feasible of the insurance claim. He or she must complete the death application form and include all pertinent information, such as the policy number, name of the policyholder, date of death, location of death, time of death, and claimant's name, among other things.
The form is available at the closest branch or may be downloaded from the insurance company's website by the nominee or beneficiary.
Submission of documents: The nominee must submit the death application form along with all necessary paperwork, including the original policy document, a copy of the bank passbook or cancelled check, information on the claimant's residence, a picture ID, and the policyholder's death certificate.
Claim settlement: The insurer registers the request when the nominee submits the required paperwork, and the claim is then anticipated to be resolved within 30 days. The insurance company may, however, be permitted to pay the claim within six months of the date it received the death application form if additional investigations are required.
2. Maturity Claims: Maturity claims are paid after the insurance policy's term has expired. On the day of maturity, the insurance service provider pays the policyholder. The guaranteed payment and any applicable incentives make up the total amount due on the maturity date. The policyholder must complete a bank discharge form, attach the necessary paperwork, and deposit the completed form with the bank.
3. Rider Claims: Rider Claims are supplementary benefits that are combined with the original insurance upon payment of an additional premium. A life insurance policy may have a variety of riders, such as a critical illness rider, hospital cash rider, waiver of premium rider, and accidental rider.
Rider claims are handled through numerous ways. In case of accidental deaths, remission of premium etc. are rider claims and are resolved after the death claim settlement, other rider claims are satisfied after presenting appropriate documents together with the policy copy and correctly filled forms.
Documents Required For Settlement Of Claim
After registering the claim, the insurer delivers a claims packet to the nominee or beneficiary. The forms in this package must be filled out and submitted to start the claim procedure. These documents are available for pickup by the nominee at the relevant office or the closest branch.
To speed up the procedure, the nominee may also access and download these forms on the insurer's website. This procedure seems more suitable in light of the present catastrophic pandemic scenario.
1. Death claim form: The main form that the nominee must fill out with information on the insurance and the insured person's death circumstances
2. Physician’s statement: Medical professionals like the attending physician or the deceased's regular or family physician are required to complete this form. It involves doing a clinical examination of the details surrounding the death.
3. Treating hospital certificate: This form must be filled out by the administrators of all hospitals that treated the dead for the condition that ultimately led to his death.
4. Employer certificate/school/college certificate: This form must be completed by the deceased employee's employer. If the deceased was a minor, the form must be filled out by the administration of his school or institution.
5.KYC documents: To process the claim, KYC papers for the recipient are needed. Any of the following individuals may certify all KYC documents (photo ID and address proof): an agent of the company, a relationship manager of the company, a branch manager of the distributing bank, a bank manager of a nationalised bank with the proper stamp, a gazetted officer, a principal of a government school, a magistrate, or an employee of the company.
6. Copy of Cancelled Cheque and bank statement
7. Legal representative: The legal representative of the candidate has to provide documentation verifying his identity and power.
In case of unnatural deaths, some additional documents need to be submitted:
.reports of the autopsy
.Local government-issued death certificate
.Various Methods of Claim Settlement
Nominees are required to provide the aforementioned papers as part of our streamlined claim settlement procedure in order to speed up payment. Companies are increasingly starting to provide customers the option of submitting these papers physically or online.
Nodal officers designated by the firms may be contacted directly by the nominee or beneficiary; often, names of these officers are also published on the websites of the various companies. Alternatively, the claimant may call customer service representatives for immediate help.
Once a claim is made, the firm thoroughly investigates it under the supervision of its underwriters and legal counsel. Once this step is complete, the authorised claim amount is then sent to the nominee's registered account specified in the supporting paperwork.
Ratio of Claim Settlement's Importance
Any life insurance firm must prioritise their claim settlement ratio. The number of claims resolved in relation to the total number of claims received by the insurer is calculated using the term "claims settlement ratio." This aids in determining the insurer's dedication to promptly resolving insurance claims.
A higher ratio indicates that the insurer is highly efficient in settling claims. After the sad passing of the covered individual, it guarantees the nominee of increased prospects of claim settlement.
Following the pandemic, the importance of life insurance and other types of insurance has increased, and it is in the best interests of consumers to choose an insurance plan that is right for them and can sustain their family in case of any unforeseen circumstances.
The nominee/beneficiary must also fully comprehend the claim procedure in order to get the proper rewards within the allotted time frames.
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