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12 Steps for Finding a Lost Life Insurance Plan

dateKnowledge Centre Team dateApril 19, 2021 views421 Views
12 Steps for Finding a Lost Life Insurance Plan

Every year millions and billions of life insurance policies go unclaimed just because people lose their life insurance policy. Looking for lost documents can be a challenging task, and it can even become more arduous when the family and the loved ones of a deceased person look for the life insurance policy on behalf of the person departed. However, with the employment of careful investigation and lookout, you can triumphantly sail through this document hunt.

12 Easy Steps to Find a Lost Life Insurance Plan

As the person insured is customarily the person paying the amount of premium, losing a policy can bequeath many heirs oblivious of coverage amount and in a position where they do not comprehend how to move further and how to gather the returns of a life insurance policy or a mortality benefit. Follow these 12 steps that can assist you in finding a lost term life insurance plan.

1. Search for the policy in insurance-related documents

Many people have the habit of keeping all their necessary documents together. Hence, you must look for the life insurance policy in the bunch where the deceased person used to keep all their insurance-related documents.

Tip: The Government of India has taken a new initiative – DigiLocker. This provides cloud storage to the citizens of India for safely storing important documents. Learn what is DigiLocker and how to use it.

In addition to this, you can also check the address records for the names of any insurance company or the agent through which the deceased person purchased a life insurance policy and call them up to take the details about the policy.

2. Look for the policy in bank statements

Whenever a person buys a life insurance policy, the payments of the premium installments are usually made through a bank account. Hence, it is pretty evident that the bank statement of the deceased policyholder will contain details about how much payment the insured person has made over the years.

Apart from this, you can also look for the details about the insurance company like their name, nature of policy, and more. This information in the bank statement can make your quest for lost life insurance policies easier.

3. Talk to your attorney or financial advisor

While you are looking for a lost life insurance policy, you must always contact some of the important people like the attorney and financial advisor of the deceased person. Apart from the attorney and financial advisor, you can also talk to the office accountant of the person along with the insurance agent or the broker that might hold some important information regarding the departed person's life insurance policies.

Once you find details of the insurance company, you can contact the customer support team of that organization or the claim department. Even if you do not have a policy number, have other details of the policyholder handy like their address, date of birth, contact number, etc., to assist the insurance company in streamlining the lookout process.

4. Examine the life insurance application

If you are unable to find the life insurance policy, you can try finding out the life insurance application that the person made before buying a life insurance policy. It is a common habit that people keep the policy application along with the original life insurance policy.

Hence, there is a possibility that you might find the life insurance policy while looking for the life insurance application. Even if you do not get the policy, you can always find some important details in the policy application that can assist you in claiming the life insurance amount.

5. Go through the emails of the deceased person

As in the present times, many insurance companies email the soft copy of the life insurance policy to the registered email address of the policyholder. It is advised that you carefully go through all the email and trail mails to trace the soft copy of the life insurance policy.

Apart from the policy, the insurance company also keeps on sending emails regarding the payment of premium, the status of policy, etc. that can assist you in finding a lost insurance policy.

6. Get in touch with previous employers

To find a lost life insurance policy, you should get in touch with the former employers of the deceased person. As the employer of the organization in which the deceased person used to work holds all the records of the group life insurance policies, there are chances that you might get a copy of the life insurance policy from that organization.

7. Take a look at the Income tax returns

Checking the past two years Income-tax return of the deceased person can also assist you in tracking down a lost life insurance policy. As it is known that the premium of the life insurance paid is exempted Under section 80C of the Income-tax Act, there will always be the entry shown in the income tax return, and you can easily take the assistance of this information in claiming the maturity amount.

8. Hire a search agency

If you are unable to locate a lost life insurance policy on your own, then you should go on hiring a search agency that can assist you in finding this important document for you to claim before the insurance company.

9. Search in the government database available online

If the deceased person has taken the life insurance policy from a nationally recognized company, then there are odds that you will find its record in the government database of the country.

10. Contact the office of state's unclaimed property

Every state in every country holds a department where all the information about the unclaimed life insurance property is recorded. You can easily contact this office of state's Unclaimed Property and get the details about your lost life insurance policy.

11. Get in touch with the state insurance department

The state insurance department is a regulatory body that holds all the records of every life insurance policy sold. Hence, you can write a letter to the state insurance department, requesting them to send the details of your lost policy.

12. Wait for the insurance company to contact you

Even if you have lost the life insurance policy, there is no need to feel disheartened as the insurance company also holds the provision of contacting the beneficiaries after the policyholder's death. If you are one of the nominees of the policyholder, then the insurance company will surely get in touch with you.

Learn more about nominee for a life insurance plan.

Losing a life insurance policy can be a nightmare, especially after the policyholder's demise. Life insurance plans are designed to help the policyholder’s family when they are in a severe financial crisis. Documents can be misplaced or lost if not stored properly. If you are not sure whether your loved one had any life insurance plan, you can always start by checking their file where they used to keep all the important documents. You will find something or the other to help you track the details of the policy.

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Frequently Asked Questions (FAQs) for Life Insurance

The premium is one of the most important factors to consider before buying a policy. Many people buy a life insurance policy with a high sum assured but are unable to process the premiums for the entire premium payment tenure. You can get a better idea of the premium outgo with the premium calculator available in the 'Tools and Calculator' section of www.canarahsbclife.com.

Life insurance plans come with several riders which increase the efficiency of the policy for the buyer. For instance, if you have a history of terminal illness in your family it would be advisable to opt for terminal illness rider with your term insurance. Riders or add-ons help in customising the standard policy benefits for the requirement of different families. The iSelect term insurance plan comes with a built-in cover for terminal illness, and option for protection against accidental death or disability. You can also opt to cover your spouse's life under the same policy by paying an additional premium.

Insurance companies calculate the premiums based on several factors such as age, gender and occupation.

Age:It is one of the biggest factors that influence life insurance premiums. Premiums tend to be low when the life insured is younger as the chances of contracting diseases is low. Young people also opt for policies with longer tenures and pay premiums for a longer duration, which makes the policy cheaper for young people.

Gender:The insurance premium for women is generally lower when it comes to life insurance plans. Women live longer and pose a lesser risk of a claim leading to lower premiums for them.

Lifestyle habits:The premiums for people who smoke or drink is always higher due to higher health risks.

Policy term:Policy terms are also taken into consideration by insurers while deciding the premium amount. Policies with longer tenure are cheaper as compared to short-duration policies.

Mode of purchase: The platform that you use to buy the policy also determines how much you will have to pay for the plan. People who buy life insurance policies online have to pay lower premiums as compared to offline policies.

Occupation:The nature of your work is an important factor that influences the premium amount. Certain occupations like shipping and mining are considered more dangerous as compared to jobs in services industries. The insurance premium rises with the risk profile.

Processing life insurance claim is a transparent and smooth process with Canara HSBC Oriental Bank of Commerce Life Insurance.

In case of the death of the life insured, the nominee will have to intimate the company by filling a Death Claim Form and sending it to the nearest branch office.

Once the form is received, the claim is registered by the insurer.

After the registration of the claim, the company will send the claims pack along with the related forms such as physicianâ s statement form and employer certificate that need to be filled.

Along with the duly filled forms a few documents such as original [policy document, death certificate, copy of bank passbook, hospital or treatment records, photo identification and address proof have to be provided.

The claim is processed on the submission of relevant documents. Once the documents are verified, the claim amount is released post all due diligence.

Household expenses rise with age. The cost of children's education increases along with other lifestyle expenses. The iSelect term plan offers an option to increase the cover according to the life stage. If opted, the insurance cover increases by 25% at every 5-year terminal till the 20th policy year.

Even though a life insurance policy is bought to protect your family in your absence. There are chances of the claim being rejected due to several factors.

False information: If the policyholder provides false information or conceals important information while buying the policy, the insurer has the right to reject the claim after his/her death.

Type of death: Deaths due to suicide in first policy year, intoxication or pre-existing disease is not covered under life insurance.

Premium payment: The payment of premiums on time is of utmost important to avail the benefits of life insurance. Life insurance policy may lapse on the failure to pay the premiums

Nominee details: An insurance company can put the claim on hold if the nominee details have not been filled or not been updated by the policyholder.

Suicide: If the life insured commits suicide within 12 months of buying the policy, the insurance companies generally pay 80% of the total premiums paid.

Buying life insurance online is not only safe but a better option. Online life insurance policies have lower premiums and the individual is not required to visit the insurer's branch or a bank. Online insurance policies also offer higher benefits. Customers should, however, buy online policies only from credible insurers and should check for SSL certificate on the website to ensure that the website is legitimate.

The cost of life insurance policies varies depending on factors like age, gender and occupation. The average cost of life insurance plans, especially term plans, is very low compared to the amount of coverage offered.

An individual is allowed to have multiple life insurance policies. People opt for more than one policy to increase the cover or avoid claim rejection. In case of multiple policies, even if the claim is rejected by one insurer, the beneficiaries may receive the benefit from a different insurer.

Life insurance policies are of different types. In the case of unit-linked or endowment policies the policyholder receives the maturity benefit at the end of the policy term. However, in the case of term insurance plans, there are no maturity benefits. The death benefit is only paid out after the death of the life insured.

When you buy life insurance, the insurance company asks for the nominee details. Only the person named as the nominee in the policy can cash out a life insurance policy in case of death of life insured.

A life insurance policy is generally taken for a specified period. After the policy duration of a term plan gets over, the policy simply terminates and ceases to exist. However, in the case of unit-linked plans or endowment, you can use the policy as a tool for retirement planning and the accumulated corpus is used by the insurer to pay you monthly amounts for your entire life.

If a policyholder purchases a term plan for 25 years and dies during the policy term. The family receives the death benefit. In the case of iSelect term plan, the policy provides four payment options to the beneficiaries. If the regular payment options are chosen the policy works as a source of regular income.

It is a popular misconception that life insurance is only for accidental deaths. A term life insurance plan like iSelect also covers terminal disease along with death. A terminal illness cover is important as health insurance pays only for the cost of treatment and hospitalization, but a terminal illness cover pays you a lump-sum amount which takes care of other expenses. On the other hand, unit-linked policies such as Invest 4G cover death and also provide decent returns for other financial goals such as buying a house of child's education.

It is ideal to buy life insurance in your early 20s because it’s is the time when people have just started with their professional life and so there are lesser responsibilities and financial liabilities to take care of. Also, if you buy life insurance at this age, you will be paying relatively lower insurance premiums since it’s a due fact that mortality rate in case of young people is low. And that is why insurance companies offer lesser premium rates to younger people as they think that they are most likely to be fit and healthier with less chances of filing a claim in future.

Once you have cancelled your life insurance policy, you will instantly lose your life insurance cover. Afterwards, your insurance company will get in touch with you and ask for valid reasons regarding the cancellation of your policy. In case you cancel your life insurance policy within the grace period, i.e. 15 to 30 days, depending on your insurer, then insurance company will reimburse the premium amount paid by you. But, no refunds will be paid to you if the policy is cancelled after the grace period.

Yes, you can take life insurance under Married Women’s Property (MWP) Act, 1984 only if you are a married man and a resident of India. Buying a life insurance plan under MWP Act would be helpful in saving your family’s financial well-being when you are not around. As per this policy, only wife and children would be eligible to receive the death benefits. You can also buy a policy if you are a widower or a divorcee. However, in that case, you can give your child’s name as your beneficiary. It is very simple to buy a life plan under MWP Act. All you need to do is to fill up an MWP addendum while purchasing an insurance policy.

Yes, there are different payment options for you to pay premiums. Here’re some of them

    1. Regular premium payment option – This premium payment option allows you to pay premiums equal to your policy term either monthly, quarterly, half yearly or annually.

    2. Single payment option – Through this premium payment option, you can pay the lump-sum amount in one single payment.

    3. Limited payment option -In this premium payment option, you can pay premiums for a specific period of time less than policy term either monthly, quarterly, half yearly or annually, but benefits of insurance can be enjoyed for a longer period of time.

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