Life is uncertain but having a good insurance policy can give you a sense of security in the midst of all this chaos. Selecting the best policy as per your needs, requirements through market research and comparison of policy details from different providers. This includes comparison of cost, coverage, exclusions and other details. However, an important aspect that often goes unnoticed is the process of claiming the policy in case of an accident. Now, an insurance policy can be claimed only in two situations- the death of the policyholder or the completion of the maturity period. Here, we look at the process of claiming the policy in both the cases.
How to claim insurance policy in case of death?
to claim life insurance policy In case of death of the policyholder, an intimation should be sent to the insurer on behalf of the nominee mentioned in the policy. A close relative of the deceased or an insurance agent can do so on behalf of the family. Early intimidation will help the nominee to claim the sum assured easily.
The claim bully will contain information such as the date, time and cause of death. It is the responsibility of the insurance agent of the policy to help the nominees in completing the formalities of the insurance claim.
After the insurance company receives the threat, it will return to the applicant asking for documents which include
Filled the claim form.
– policy document
– death certificate
– Assignments/Reassignments (if any)
Legal proof of title if the policy has no nominee or is not assigned to anyone.
Form of Discharge Executed and Witnessed
It is to be noted that the insurance company may ask for documents like medical attendant’s certificate, hospital certificate, employer’s certificate, police investigation report, post-mortem report and others, if required.
How to claim life insurance policy on maturity?
To claim life insurance policy On maturity, the policyholder has to send an intimation along with the discharge voucher and other details at least two to three months before the maturity date. The original copy of the policy bond has to be sent along with the signed discharge voucher in the presence of witnesses to enable the policyholder to make the payment.
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