This You Should Know Before Claiming Your Life Insurance

Written by : Knowledge Centre Team

2020-09-16

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It’s not easy to come at terms with the passing away of someone you love. But, not getting the person’s life insurance death benefits on time can make your life even more difficult. If you are the sole breadwinner in your family, then your death will not just cause emotional but also financial damage to your family. That’s why it is important to buy a life insurance policy as this will safeguard you and your family financially in case of any unfortunate event or mishap. But, in order to get this protection, you will have to make a claim for it.

Remember, claiming an insurance policy is as important as buying one. To be well informed about your insurance policy and how to claim it are both closely connected. Therefore, after buying an insurance policy, you must do these two important things –

Learn how to make a claim for your life insurance policy.
Teach your loved ones about the process of filing a claim.

What are the types of life insurance claims?

Read on to know the two different types of life insurance claims -

Maturity claim – In this type of claim, you file a claim to receive the maturity benefits once your tenure is over or your policy gets mature.
Death claim – In case of the death of the policyholder, the amount of sum assured is received by the nominee mentioned by the policyholder in the policy document.

How to file a life insurance claim?

Before you file a life insurance claim, here’re a few things you need to know -

Inform your insurance company -The first and foremost thing you need to do is to inform your insurance company about the event or mishap to receive the sum assured. The beneficiary can reach out to the insurance company either by call or e-mail. This is the most convenient way to inform the insurance company at the earliest if you want to avoid further complications.
Documents needed – Just as buying a policy requires certain documents, claiming a policy also requires documents. So, be prepared in advance with all the important essential documents. But before that, download the claim form from the insurance company’s website or collect it directly from the insurance company’s office. The claim form includes the following details such as policy number, name of the nominee, date and time of policyholder’s death, etc. In addition to filing up that form, you also need to submit some of the basic documents which includes death certificate of the policyholder, identity proof of the beneficiary, original copy of policy documents, etc. In case of an accidental or natural death, you need to submit an FIR and post-mortem report. Still confused? Here’s a complete list of documents required to file a life insurance claim –
Original death certificate
Original policy document
Identification and age proof
Proof of current address
Bank account details of claimant
Attested copy of FIR (in case of accident death)
Duly attested post mortem report (in case of accidental death)

Claim processing - Once the insurance company has received all the documents, afterwards, they will start with the claim settlement process. According to the guidelines shared by IRDA, the insurance company needs to settle all the claims within 30 days of having received all the policy documents. If your insurance company believes that a further investigation is required in the process, then it can take up to 6 months from the date of initiating the claim process.
Avail the death benefits – There are many different ways to receive the death benefits. One is lump-sum payment and the other is annuity payment. With a lump-sum payment method, you will get the whole death benefit at once. In case of an annuity payment, the appointed nominee or beneficiary will get the death benefit in separate tranches rather than availing it in the form of lump sum.

If you follow these few simple steps and use the information wisely, then you will be able to get your claim within the timeframe you are seeking. Besides, if you are planning to buy a life insurance policy online, then choose to go with Canara HSBC Life Insurance; it offers comprehensive life insurance plan at affordable rates.

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