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How to Claim Life Insurance After A Policyholder's Death?

dateKnowledge Centre Team dateJune 22, 2021 views232 Views
Life Insurance Claim Process | Buy Life Insurance Plan in India

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:

1. 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.

2. 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:

a) Death claim form- This form has to be filled and completed by a valid nominee.

b) Physician's statement- This form has to be filled up by the medical practitioner that has attended to the deceased policyholder.

c) Hospital certificate- This form has to be filled up by the authorities of the hospital where the deceased was hospitalized.

d) 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.

3 Easy Steps For Claim Settlement Cat

The claiming process is simple, convenient, and hassle-free. The claim settlement ratio is 98.12 per cent for individual claims. 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 Oriental Bank of Commerce Life Insurance today!

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