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How Do I Know If I Am a Beneficiary of a Life Insurance Policy

dateKnowledge Centre Team dateAugust 02, 2021 views174 Views
Life Insurance Plan | Best Life Insurance Policy

The Government of India introduced beneficiaries to ensure that a policyholder's legal heirs cannot claim the death benefit until they are named as beneficiaries in the life insurance policy. Despite that a lot of insurance policies go unclaimed each year. If you want the answer to your question, "how do I find out if I am a beneficiary on a life insurance policy" completion of specific conditions is required.

Unless the insured permits the insurance company to provide these details to you, you will not get the information of whether you are a beneficiary of a policy if the insured is still alive. This should be accomplished by sending them written instructions. You'll need to clarify certain details with the insurance provider once the insured has died.

Five Life Insurance Beneficiary Rules

Before getting to the technicalities, let's look at some of the basic things related to the life insurance beneficiary rules:

1. Any individual in whom the policyholder has faith may be appointed as the beneficiary. If necessary, you can replace the chosen individual as a policyholder at any time. You must, however, appoint a custodian if your beneficiary is a minor.

After completing the age of 18 years, the minor is eligible for benefits. Ensure to supply your beneficiary with copies of the life insurance policy so he or she may receive the death benefit when needed.

2. There are no restrictions or specific life insurance beneficiary rules regarding whom you may designate as your beneficiary. It can be a member of your family, a close friend, or a coworker. On the other hand, insurance companies want your beneficiary to be a member of your immediate family.

Or else the policyholder's family and the beneficiary may be involved in a legal dispute. There is, nevertheless, a legal means to prevent this from happening. If you want to assign a beneficiary out of a friend or someone who isn't a family member, you may name that person as an heir in your will.

Know all about nominee for life insurance plan.

3. If you do not designate a life insurance beneficiary or if the beneficiary dies during the policy term, and the policy is not modified subsequently, the insurer implements specific guidelines as per the scenario.

4. The death benefit is awarded to your immediate heirs if you do not have a will that names someone your beneficiary. In this case, just your husband, children, and parents are taken into account.

5. If you do have a will, the insurers will follow the Indian Succession Act, 1925. According to the will, the money insured is dispersed. A succession certificate, however, is required by the court. The beneficiaries will also have to give the insurer an indemnity or a waiver of legal evidence.

Three ways to find out if you are beneficiary of a policy

When your loved ones have passed away, you can claim the benefits of the life insurance plan, if applicable. However, if you were never informed that you were the beneficiary, then there are various ways by which you can claim the policy. You can also claim a life insurance policy if the policyholder is missing.

1. Look through documents

This is one of the most basic things to do if you're focused on finding a solution to your query, "how do I find out if I am a beneficiary of a life insurance policy". When somebody dies, several times it is not possible to easily get all the necessary information.

To figure out which insurance company insures the insured, you may have to go through papers, safe deposit boxes, and other papers. If there are many insurance companies, you will have to speak with each one until you obtain the details you want. You may be a beneficiary on one policy if not on another.

2. Contact the claim department

Inform the representative that you believe you are the insurance policy's beneficiary. They'll require the insured's name (dead), the policy number, and your name. They might want to double-check some details. They will be permitted to share these details with you if you are the beneficiary.

If there are several beneficiaries, the insurance company will not provide this information to each of them. They are not authorized to notify one beneficiary who the other beneficiary is unless the insured provided written correspondence before his/her death.

3. Look for unclaimed policies

If the policy you're looking for is older than a few years, you may be able to find it by checking the unclaimed funds' website for the deceased person's insurance company.

Here are 12 steps to find a lost life insurance plan.

Once you've found it, send a copy of the death certificate and confirm your identity to the insurance company's unclaimed funds department. If you're a beneficiary, the company executive will explain how to get the benefits. Canara HSBC Oriental Bank of Commerce Life Insurance has a seamless claim settlement process that makes claim settlement hassle-free and smooth. Ensure that you have all the documents when you are claiming the life insurance policy.

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Frequently Asked Questions (FAQs) Related to Life Insurance Policies

The premium is one of the most important factors to consider before buying a life insurance 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 plan. 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.

Life 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 chance of contracting diseases is low. Young people also opt for the best life insurance 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. Life insurance policies with longer tenure are cheaper as compared to short-duration policies.

Mode of purchase: The platform that you use to buy the best life insurance 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 physician’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 life insurance 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 plan.

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: A life 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 life insurance policy, the insurance companies generally pay 80% of the total premiums paid.

Buying the best life insurance plan 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. The best life insurance policies online insurance offer higher benefits. Customers should, however, buy online life insurance 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 life insurance policy to increase the cover or avoid claim rejection. In case of multiple life insurance 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 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 a life insurance policy, the insurance company asks for the nominee details. Only the person named as the nominee in the life insurance plan can cash out 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 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 beneficiary receives the death benefit. In case of iSelect term plan, the policy provides four payment options to the beneficiaries. If the regular payment option is chosen, the policy works as a source of regular income.

It is a popular misconception that life insurance plans are only for accidental deaths. A term life insurance plan like iSelect Star Term Plan 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 a life insurance plan in your early 20s because it 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 the best life insurance plan 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 life 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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