It is said that the real value of a life insurance policy is only known at the time of claim. The claim is an important point in a life insurance policy. Every life the policy will, at some point, either mature or receive a death claim, except pure term insurance policies where it expires at maturity.
Much of the claim settlement process depends on the claim intimation and filing. If the insurer suspects of a foul play, the claim is likely to be delayed or worse, rejected. So, it’s important for you and your nominees to know the claim settlement process clearly.
Now, you may have to make any of the two types of maturity claim in insurance:
Maturity claims are rather simple, as you will file the claim on your own policy. Also, the insurer may intimate you near the maturity and ask for the necessary documents to close the policy. To file a maturity claim you will usually need the following documents:
The policy discharge form
Original policy document
Your ID and age proof
Proof of your bank account and details (submit passbook copy or cancelled check)
If you have been assigned the loan policy, etc., submit the assignment details.
In the exceptional case of the policyholder dying after the maturity period but before the claim has been processed, the claim remains a maturity claim only. However, the value may pass to the legal heirs.
In the case of death claims, the first step for the family or nominee is to inform the insurer. With Canara HSBC Life, you can submit your details online through the website and receive timely insurance claim assistance.
The documents needed in this case are listed below. Also, note that all the documents need to be attested:
Death claim form
The death certificate of the insured issued by the local municipal authority
Original policy document
Copy of nominees’ bank passbook or cancelled cheque for bank details
ID & Address proofs of the claimant
Early death rarely happens due to natural causes. Thus, you must also submit the documents depending on the person's cause of death.
In case of death due to medical reasons, any of the following:
Physician’s statement
Treating hospital’s certificate
Employer’s/school/college certificate
Hospital/Other treatment records
Accidental death cases will need the following documents:
FIR or Police investigation report
Post-Mortem Report (PMR)
The insurer provides many forms and certification formats to facilitate the process for the bereaved family and nominees.
For example, at Canara HSBC Life Insurance, you can either download the following forms from the insurer’s website or collect them from the nearest branch office in 10 regional languages, including English:
Attestation of Documents: The documents you need to submit for the death claim must be attested. Any of the following persons may attest to the documents:
A company agent, employee, or relationship manager
Branch manager of a distributing bank for insurer’s policies
Bank manager of a nationalised bank with the appropriate stamp
A Gazetted officer, Headmaster, or Principal of a Government school
Magistrate
The best life insurance companies, including Canara HSBC Life Insurance, promise one-day claim settlement for eligible policies. The eligibility criteria and requirements to receive the claim within one working day are as follows:
The policy should have been completed three years before death, with all premiums paid
Claim amount on all (per life/person) eligible up to ₹1 Cr
All mandatory/required documents should be received at the intimation stage
Claim to be intimated before 3 pm between Monday to Friday
No verification/investigation is required
While you can submit all the documents at once, the insurer may ask for additional documents if needed. However, if the insurer does not need verification, the claim will be processed within a day.
Workdays are counted between Monday to Friday and claims received before 3:00 PM on these days are processed on the next working day. However, in the case of claims received after 3:00 PM, the process may take one more day.
Canara HSBC boasts an impressive 99.01% claim settlement ratio in 2022-23, meaning they paid out nearly all claims received.
Source: Economicstime
You can submit the documents at the insurer's nearest branch or office. However, the formal claim registration only occurs when the written request reaches the insurer's claim office.
In the case of Canara HSBC Life, you can locate the nearest branch office and submit your documents there. You can also register your claim assistance request online and receive the needed support to file the claim.
Now that you understand the maturity claim meaning, knowing the process of claim settlement is also crucial for policyholders and their nominees. A precise knowledge of the required documentation and timely submission can expedite the process. It will ensure the benefits are received without unnecessary delays. Life insurance companies, like Canara HSBC Life, offer streamlined procedures and support to assist families during these critical times, emphasising the importance of preparedness and transparency in managing life insurance claims.
Policy Discharge Form: A document required to file a maturity claim confirming the policy term's completion and the policyholder's intent to claim the benefits.
Claim Intimation: The initial notification to the insurer informing them about the occurrence of the event (maturity or death) that triggers the claim.
Attestation: The process of having documents officially verified and signed by an authorised individual, such as a notary or bank manager.
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o make a death claim, the nominee must inform the insurer about the policyholder's death, either online or at the nearest branch office, and submit the required documents.
The required documents include the death claim form, death certificate, original policy document, nominee's bank details, ID and address proofs of the claimant, and any additional documents depending on the cause of death.
he processing time for a death claim can vary. Still, if all required documents are submitted without verification, some insurers, like Canara HSBC Life, offer one-day claim settlement for eligible policies.
Submit the required documents to your insurer upon policy maturity to file a maturity claim. The insurer usually intimates policyholders near the maturity date.
The documents required for a maturity claim include the policy discharge form, original policy document, ID and age proof, and proof of your bank account details. Assignment details are also needed if the policy was assigned for a loan.
