Ask Mint | Keep all paperwork ready when filing a death claim

Ask Mint | Keep all paperwork ready when filing a death claim

The insurance business in India isn’t just growing, but also becoming more sophisticated in terms of product offerings. To help readers keep ahead of developments in this business, Mint features a Q&A on insurance every Monday.

My brother recently expired in a car accident. He had invested in a unit-linked insurance plan about four years ago. What I want to know is, how does the nominee/ legal heir make a death claim in a unit-linked policy?

In case of a death claim, the “claimant" (nominee/legal heirs) must submit the following:

• An intimation of the death of the life assured;

• Death certificate issued by the local health and medical authority;

• Completed claim forms;

• Policy of life assurance;

• Medical evidence, in case of health and disability rider claims, and

• Other forms as required by the company.

As per the directive of the Insurance Regulatory and Development Authority, the claim has to be settled within 30 days from the date of receipt.

In case the claim warrants an investigation, then the insurance company has to complete the investigation not later than six months from the time of lodging the claim.

I am 23 years old and have just started working. I am concerned about my future and want to invest in a pension plan. Do you think it is too early for me to go in for a pension plan? Also, since my annual income is Rs2.5 lakh, do you think it will be economical for me to invest in pension?

It is good that you wish to plan early to secure your retirement years. The key to successful retirement planning is to start early. Some key points to consider when planning for retirement:

• Desired monthly income, post-retirement;

• Impact of inflation on your savings and income needs;

• Growing medical needs; as you get older, health care tends to become more expensive and you may require more frequent treatment, and

• Increasing longevity, which means people are living longer and, hence, their pension fund needs to allow for this.

Taking all this into consideration, it is advisable to think about retirement in one’s early earning years as there is no pressure to support a growing family and you don’t have high medical expenses.

There are a number of pension products available in the market. The earlier you start, the less you would have to pay in order to provide for a secure retirement.

You can undergo a Financial Health Check and choose a product which will suit your budget and needs; you can also enjoy tax benefits on your investment. You can also log on to to plan your retirement.

Readers are welcome to write in with their queries to The questions will be answered by senior executives from leading insurance firms.

This week’s expert is Bert Paterson, managing director, Aviva India.