How to make a life insurance claim1 min read . Updated: 11 Oct 2016, 04:35 PM IST
You must know the process of making a life insurance claim so that not only do you inform your family about the life insurance policy, but also educate them on how to make a claim if they need to
If your family depends on your income, you must buy a life insurance policy. The best and the most cost-efficient way to buy a life insurance cover is to buy a term plan. But your work doesn’t stop at identifying what to buy. You must know the process of making a life insurance claim so that not only do you inform your family about the life insurance policy, but also educate them on how to make a claim if they need to. Mint explains how to do this.
Fill up the claim form. This can be downloaded from the insurer’s website or collected from the agent or the insurer’s office. The claim form will capture details such as the policy number, date and time of death of the policyholder, cause of death, name of the nominee, bank account details of the nominee and details of any other policies that were held by the policyholder.
Attach supporting documents such as the original policy papers, death certificate of the insured, or medical death summary in case of death due to an illness. In case of accidental death, first information report (FIR) and a postmortem report needs to be attached. Also, the nominee needs to submit know-your-customers (KYC) details to the insurer.
The regulator insists that claims must be settled within 30 days of receipt of all the relevant documents by the insurance company. The insurer can ask for clarifications or supporting evidence if it is dissatisfied with the documents.
If this happens, a deadline of 6 months from the date of intimation of the claim is laid down for its settlement.