The need to initiate a claim usually arises from two situations – on maturity of your Life Insurance policy, or on the unfortunate loss of the life insured. Before you initiate a claim on your Life Insurance policy, it’s important to keep a few things in mind before approaching your insurance provider.
Ask yourself these simple questions:
“Have I paid my premiums regularly?”
“Is my insurance policy still active?”
“If I am making a claim, is the type of claim covered by the policy?”
“Am I the right person to ask for a claim on the policy?”
Once these answers are clear, as a beneficiary, you need to decide how you want your Life Insurance claim to be paid out. The most common choices you could have are:
Heading for a maturity claim?
If you have a Life Insurance policy that is to mature soon, you can expect a Policy Discharge Form from your insurance company about a month before the maturity date. The form will also provide instructions regarding which documents you need to provide for.
You as the policyholder must fill the discharge form. Along with your signature, you would need to get the form signed by two more witnesses.
Enclose the following documents with the claim application:
Once you have filled and attached the documents, send them to the insurance company within 5-7 working days before the maturity date of your policy to ensure your maturity claim gets settled seamlessly.
I have a death claim to make.
Our deepest condolences to you if you have lost someone recently. Here is a comprehensive list of the required documents you will need to submit to make a death claim:
Ensure you have the below documents in place. A major reason for a claim delay is when there is partial submission of documents.
If applicable, you could be asked for other documents such as hospital certificate, medical attendant's certificate, police inquest report, employer's certificate, postmortem report, and more. It’s good to keep them handy.
I have sent my documents. What now?
Once the insurance company receives your documents, the verification process begins. This is when the insurance company verifies your details and thereafter processes your maturity claim to make the payment to you. The maturity proceeds will be credited directly to your bank account.
How long do I have to wait?
If the documentation is complete and no additional documentation is required, your claim will be processed anywhere between 30 - 60 days. This may vary in accordance with your Insurance Provider.
Am I eligible for a claim payout?
You are only eligible for a claim payout if you are:
Sometimes, Life Insurance claims get delayed or denied because of lack of proper documentation or because the correct claim process was not followed. Being aware of how to file a claim accurately, in the long run, will save you both money and effort.