Life Insurance Claim Process And Requirement

Life insurance policies provide financial protection to the family of the life assured in case an unforeseen event takes place such as untimely demise of the life assured during the coverage period of the policy. In case of an unforeseen demise of the life assured, the nominee can file a claim for the same. Life insurance claims can be classified into three categories which are death claims, maturity claims and rider claims. In this article we have briefly explained the claim process and listed some necessary documents required for claim process or claim settlement.

Life Insurance Claim Process

Below mentioned is the simple and easy life insurance claim process. With the help of below mentioned information you can understand the process of life insurance claims:

Step 1: Claim Intimation

The nominee is supposed to intimate the insurance provider about the claim as early as possible, the nominee must provide claim intimation in written to the life insurance company. At this stage the nominee is required to fill and sign the claim form available at the branch office or at the official website of the life insurance company. The claim intimation should consist of policy number, name of the life assured, date of demise, place of demise, name of the claimant etc.

Step 2: Submit Proper Documentation

In order to have a smooth claim, the most important thing a nominee should do is provide relevant and necessary documents of claim settlement. If the nominee is unable to provide necessary documents, the claim request could be rejected. Some major important documentation requirements are Original Policy Documents, Death Certificate, Claim Intimation form etc. The documents are to be provided with the claim intimation form to the life insurance company.

Step 3: Claim Evaluation

At this the life insurance company evaluates the claim, the nominee is informed about the investigation or additional documents required, in case further investigation need to be done for the claim request.

Step 4: Claim Settlement

After the claim request has been evaluated, the insurance company settles the claim. Nowadays life insurance companies try to settle to claim as early as possible. At this stage the insurance company provides the death benefit, maturity benefit or rider sum assured to the nominee. In case of maturity benefit, it is provided to the life assured at the end of the policy term.

Documents Required For Life Insurance Claims

Below mentioned is the list of documents required for life insurance natural/accidental death and maturity claims:

Original Policy Documents
Duly Filled and Signed Claim Form
Claimant’s Photo ID Proof (Adhaar Card, Voter ID Card, Passport etc.)
Claimants Bank Account Details (such as bank statement/ cancelled cheque)
Death Certificate issued by local authority
Attending Physician’s Statement
Treating Doctor’s Statement
Medical Records
Duly Filled and Signed Policy Discharge Form
Photo ID Proof of the Life Assured
Bank Account Details (Copy Of Bank Statement/Cancelled Cheque)
Original or Copy of FIR
Original or Copy of Police Inquest Report
Original or Copy of Postmortem Report

To Conclude

Life insurance policies are one of the best options to provide financial security to your family. It is advised that the nominee should read the terms and conditions of the life insurance policy to understand the claim process and the documents required for claim settlement. Failing to provide the claim intimation on time without required documents may result in claim rejection.