The purpose of purchasing an insurance policy is to have a backup during an unfortunate event. But if you have bought a policy with a savings component, then you need to consider the maturity payout as well. So, let us take you through the different types of life insurance claim process to make it easy for you. Learn how you can make a death claim as well as claim the maturity benefit below.
How to Make a Death Claim?
In case the policyholder passes away during the insurance tenure, you need to file a death claim to get the policy proceeds. So, go through the step-by-step guide to learn the procedure:
- Step 1: Intimation
The nominee of the life insurance policy must intimate the insurance provider regarding the demise of the policyholder immediately. This shall enable the insurer to begin the claim process as soon as possible. As the nominee, you require the policy number, date and cause of death, name of the policyholder, name of the nominee and place of death. You must then fill up the claim application form available at the local branch or the online website of the insurer.
- Step 2: Required documents
You need to attach some other documents with the claim application form. So, keep the below-mentioned documents ready:
- Proof of ID of the nominee
- Death certificate of the policyholder
- Original life insurance policy papers
- Proof of age of the policyholder
- Discharge certificate
- Medical certificate (depending on the insurance requirement)
- Post-mortem report
- Employer certificate (in case of early death)
- Hospital records (in case of death due to an illness)
You can check with the insurer if any additional documents are needed for the claim process.
- Step 3: Submission of application
Along with the above-mentioned documents, you can finally submit the claim settlement form for the procedure to begin. In case any specific information is required to support the insurance claim, the insurance company shall intimate you.
- Step 4: Claim Settlement
As per the IRDAI (Insurance Regulatory and Development Authority), the insurance claim must be settled within 30 days of receipt of all documents. If there is a need to investigate the death of the policyholder, the claim settlement period can be extended to 90 days. In case the insurer fails to clear the claim within this time limit, then the company will have to pay interest on the death benefit.
How to Make a Maturity Claim?
If you have invested in the types of life insurance policies, which has a savings component, then you need to claim the maturity benefit on policy expiration. Here’s how you can claim the maturity payout:
- Step 1: Intimation
The insurance company will send you the insurance discharge form along with an intimation a couple of months prior to the expiry date. This form shall contain the details of your maturity payout and the date. You will have to sign the discharge form and send it to your insurer.
- Step 2: Required documents
Depending on your insurance company, you might have to attach some documents with your discharge form. Keep the following documents handy:
- Original policy papers
- Proof of ID
- Cancelled cheque
- Copy of bank passbook
- Step 3: Submission
You can send the documents and the form to your insurance provider within the period specified by the company. On receiving all the information, your maturity payout shall be settled without any trouble. But in case of any doubt or missing detail, the insurer will contact you.
Now you can easily make your life insurance claims without any hitches. It is crucial for your nominee to know about the life cover and the death claim process beforehand for a smooth settlement. Ensure to go through the terms and conditions as well as exclusions of your policy to avoid any last-minute confusion.
