Written by : Knowledge Centre Team
2025-12-05
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11 minutes read
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Life insurance policy is a contract between a policyholder and the insurance company. The insurer pays a set amount in exchange for a premium received upon the insured person's death or a set period.
Having a life insurance policy in place allows you to live your life without worrying about how your family will survive after you are gone. Especially in light of the pandemic, smart financial planning is the need of the hour.
Life insurance is an integral part of smart financial planning. A life insurance policy is a good saving plan. Your family can receive high to adequate financial support under unpredicted and unfortunate circumstances based on the policy purchased.
How to Claim a Life Insurance Policy?
The death of a breadwinner brings enormous grief and pain and a certain level of unpredictability in the life of those dependent on them. However, if they had invested in life insurance, their loved ones will not be distressed financially.
Claiming life insurance can seem daunting. To make it simpler to understand, the steps to follow when claiming life insurance are listed below:
Claim initiation and registration
On the untimely death of the policyholder, the nominee can register to claim the life insurance. To start the claiming process, you should fill in the Death Claim Form. Usually, an attested photo ID along with the address proof of the nominee has to be attached.
The Death Claim Form has to be sent to your insurance company's office. Alternatively, you can call your insurance agent, and they will assist you during these trying times.
Know all about a nominee in a life insurance plan.
Documentation
After the claim is registered, the next step is to fill out the necessary forms. Your insurance agent can help you fill out the necessary forms acting as an intermediary between you and the insurance company.
A common problem people face is they keep insurance policies in safe deposit boxes. At the time of death, the safe deposit boxes are sealed and can further delay settlements. Some common documents that have to be filled and you might need handy are listed below:
- Death claim form- This form has to be filled and completed by a valid nominee.
- Physician's statement- This form has to be filled up by the medical practitioner that has attended to the deceased policyholder.
- Hospital certificate- This form has to be filled up by the authorities of t hospital where the deceased was hospitalized.
- Employee certificate - This form should be filled by the policyholder's employer.
3. Processing and Settling
After the documents are submitted, the process of claiming begins. The insurance company will provide a settlement based on the terms and conditions of the policy.
After the documents are submitted, the process of claiming begins. The insurance company will provide a settlement based on the terms and conditions of the policy.
The claiming process is simple, convenient, and hassle-free. The claim settlement ratio is 99.43^ percent for FY 2024-25. Furthermore, to make claiming much easier, they have introduced InstaPromise. InstaPromise is very attractive to nominees as it allows you to claim the settlement in one day. Some key requirements are-
- The policy should have been completed 3 years before the death of the policyholder.
- The documents required must be submitted at the intimation stage.
- The claim should be submitted between Monday to Friday before 3 PM.
Always buy life insurance plans based on your financial needs and requirements so that you can secure the future of your loved ones. Take a step towards stability and smart financial planning by choosing Canara HSBC Life Insurance today!
Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
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Family Shield: Enhanced Protection
iSelect Smart360 Term Plan
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Young Term Plan
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