What is an Insurance claim?
When you make a claim, it is usually when you have suffered some type of loss or involved in an unfortunate accident, a disaster or any other loss that is covered by your Life Insurance policy. Your insurance company then provides financial compensation to you.
There are typically two types of claims – maturity claims and death claims. It is important for you to know how to initiate and file a claim, so that in times of distress, you are empowered to duly receive the money you are entitled to.
Life Insurance companies are obligated to settle claims promptly, as claim settlement is one of the most important services that an insurance company provides to its customers.
How to initiate a claim?
You will first need to contact the financial advisor or company from whom you have bought your policy and then fill a claim form. You might also find the claim form on the website of the insurance company.
Let us give you the steps to file a maturity and a death claim.
Steps to file a maturity claim
Every insurance company usually sends in a maturity claim intimation letter many weeks before the maturity date. This gives you time to get all the required documents ready for submission.
The basic documents required are the original policy document, an age and identity proof, a cancelled cheque leaf or a copy of your bank passbook.
On the date of maturity, the life insured is required to send the maturity claim discharge form with the original policy bond. It’s advisable to send these much before the maturity date to enable timely settlement of claim.
Most companies issue cheques and / or transfer electronically on the maturity date.
Steps to file a death claim
To file a death claim, you have to submit a written intimation to the insurance company at the earliest to process the claim. Take a claim intimation form from the nearest local branch office of the insurance company or your advisor. You can also check their website to see if the form is available online.
Details required for the claim intimation form are:
· The claimant's statement
· Policy number
· Date, cause and place of death
The following documents are to be attached with the claim intimation form:
· Original policy document
· Original death certificate
· A police FIR and post mortem exam report (for accidental death)
· Certificate and records from the doctor/hospital (for death due to illness)
· Advance discharge form for claim processing
Most claims are settled by cheque within 7 days from the time they receive your documents. You will be notified in writing within 7-10 days if your insurer is unable to understand any part of your submission.
Please note that factors like cause of death, amount of financial risk, policy duration, etc. could lead to some insurance companies requesting for additional documents.
The above claim procedure can be followed for riders as well.
For more understanding on claims as per your policy, here are links to the claims page of all 24 Life Insurance companies:
Aegon Life Insurance Company Limited
Aviva Life Insurance Company India Private Limited
Bajaj Allianz Life Insurance Company Limited
Bharti AXA Life Insurance Private Limited
Birla Sun Life Insurance Company Limited
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
DHFL Pramerica Life Insurance Company Limited
Edelweiss Tokio Life Insurance Company Limited
Exide life Insurance Company Limited
Future Generali India Life Insurance Company Limited
HDFC Life Insurance Company Limited
ICICI Prudential Life Insurance Company Limited
IDBI Federal Life Insurance Company Limited
IndiaFirst Life Insurance Company Limited
Kotak Mahindra Life Insurance
Life Insurance Corporation of India.
Max Life Insurance Company Limited
PNB MetLife India Insurance Company Limited
Reliance Nippon Life Insurance Company Limited
Sahara India Life Insurance Company Limited
SBI Life Insurance Company Limited
Shriram Life Insurance Company Limited
Star Union Dai-ichi Life Insurance Company Limited
Tata AIA Life Insurance Company Limited
BEWARE OF SPURIOUS/ FRAUD PHONE CALLS!
• IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.
• Public receiving such phone calls are requested to lodge a police complaint.
Tax benefits are as per applicable laws which are subject to change. Policyholders are advised to consult tax expert for better clarification /interpretation.
In Linked Insurance Products, the Investment Risk in Investment Portfolio Is Borne by The Policyholder. The linked insurance products do not offer any liquidity during the first five years of the contract. the policyholder will not be able to surrender/withdraw the monies invested in linked insurance products completely or partially till the end of fifth year. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document issued by the insurance company.