When we buy a life insurance policy, we consider several factors like the price, the sum assured of the plan, policy coverage, exclusions and so on. It is equally important to know how to make a life insurance claim in case the worst event happens.
In addition to that, the nominee or family members should also be conscious of the process of filing a claim. Note that there could be two scenarios for filing a claim:
Have a look at the general process and documents required for filing insurance claims under both the scenarios.
How to File a Death Claim?
When a person with a life insurance policy called "life assured" – dies, a claim intimation should be sent to the insurance company as early as possible. The nominee or the assignee under the policy can do this. Any close relative of the insured or the agent who oversees the policy may also do the needful.
The claim intimation should comprise of some important information like the date, place and cause of death. The insurance agent must help the life assured’s family or assignee to deal with the insurance company to fulfil the formalities for a claim.
After this, the insurance provider will respond to this intimation and will inquire for the following documents:
- Certificate of death
- Policy document
- Filled-up claim form (provided by the insurance company)
- Deeds of assignments/ re-assignments (if any)
- Legal evidence of title (if the policy is not assigned or nominated)
- Form of discharge executed and witnessed
Other documents such as the following could be called for, as applicable, medical attendant's certificate, Police inquest report, Hospital certificate, Employer's certificate, Post mortem report, etc.
However, the requirement of these documents depends on the cause of death.
How to File a Maturity Claim?
When a life insurance policy is reaching its maturity, the insurance company will generally send intimation to the policyholder along with a discharge voucher at least two to three months in advance of the date of maturity giving details such as the maturity amount payable.
In this case what the policyholder has to do is to sign the discharge voucher, which is like a receipt, get his signature witnessed and send it back to the insurance company along with the original policy bond to enable it to make the payment.
If the policy has been assigned in favour of any other person or entity, such as a housing loan company, the claim amount will be paid only to the assignee who will give the clearance.
Always shop around different life insurance plans online.
All the life insurance companies have made their presence to the online platform.
So make sure you do a background check of different life insurance plan available to you.
If you are looking for the best life insurance policy within your budget, you must visit GIBL.IN, here you can compare your plans with other top-most insurers and buy your policy within your budget and you also get life cover worth RS 1cr at RS.18/day.
Planning to buy life insurance online?
you can buy life insurance online from GIBL at your home.For know about life insurance, Visit us: https://www.gibl.in/life-insurance/
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Last Whispers is about organizing and making lists ahead of time of important things like documents, records, online activities, pictures and audio recordings that will become very important to selected others once you’ve passed away.
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Life Insurance and Income Protection cover pays out if you are unable to work due to illness or injury, however it will not pay out in the case of redundancy.
The primary difference between an Income protection insurance policy and Critical Illness Insurance policy is the amount and frequency of pay out.In an Income protection claim the pay out is periodic and generally a percentage of earnings usually 60% to 70% paid out on monthly basis and the said payment are exempt from tax, as compared to Critical Illness claim which makes a one-time lump sum pay out.The pay out under Income Protection policy begins after the end of a pre agreed period know as a deferral period, the shorter the deferral period the higher the premiums, the usual deferral period is between 13 to 26 weeks.
While seeking Income protection cover, it is essential to check with your employer the cover they have in place to support you as an employee for the time off work.Life Insurance is a protection product which helps to provide financial security and cover to your dependents, family and loved one’s in the unfortunate event of death.
The said money that is paid out as a claim from the policy, can be very useful to the dependents to continue the lifestyle they are used to.
The funds received can replace a loss of income and could be used to pay off debts like Mortgages, which can reduce a huge financial burden.
