economy
Here's how you can apply for a life insurance claim
Aug 31, 02:08

Life insurance has become essential in the times we live in. Parameters that are checked essentially that help us choosing the best policy include cost, sum assured, exclusions, policy coverage among other things.

In the event of any untoward situation it is necessary that one knows about how to apply for a life insurance claim by nominees or family members.

In the event of death, and at the end of maturity term of the life insurance policy are two scenarios when one can file an insurance claim.

How to apply for death claim

If a person with a life insurance policy has passed away, then as early as possible a claim intimation should be sent to the insurance company.

Any assignee, nominee, close relative or the agent who handles the policy may do this process.

Information like the date, place and cause of death should be mentioned in the claim intimation. To fulfill the formalities for a claim and to deal with the insurance company, the insurance agent has the duty to help the life assured's family or assignee.

Following details will be asked by the insurance company:

- Insurance form to be filled up provided by the company.

- Death certificate.

- Document of policy.

- If any deeds of assignments/ re-assignments.

- Legal evidence of title, if the policy is not assigned or nominated

- Form of discharge executed and witnessed

- Other documents such as medical attendant's certificate, hospital certificate, employer's certificate, police inquest report, post-mortem report etc could be called for, as applicable. The requirement of these documents depend on the cause of death.

Filing a maturity claim:

The insurance company at least two to three months in advance of the date of maturity will send intimation to the policyholder along with a discharge voucher giving details like the maturity amount payable when a life insurance policy is maturing.

To enable it to make the payment, the policyholder along with the original policy bond has to sign the discharge voucher, which is like a receipt, get his signature witnessed and send it back to the insurance company.

The claim amount will be paid only to the assignee who will give the discharge when the policy has been assigned in favour of any other person or entity, like a housing loan company.
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