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How to Make Death & Maturity Claims on Your Life Insurance?

How to Make Death & Maturity Claims on Your Life Insurance?

It is said that the real value of a life insurance policy is only known at the time of claim. The claim is an important point in a life insurance policy. Every life the policy will, at some point, either mature or receive a death claim, except pure term insurance policies where it expires at maturity.

Much of the claim settlement process depends on the claim intimation and filing. If the insurer suspects of a foul play, the claim is likely to be delayed or worse, rejected. So, it’s important for you and your nominees to know the claim settlement process clearly.

Now you may have to make any of the two types of claims on the life insurance policy: 1) Claim for Maturity Value, or 2) Claim for Death or Disability Value

How to File a Maturity Claim?

Maturity claims are rather simple, as you will file the claim on your own policy. Also, the insurer may intimate you near the maturity and ask for the necessary documents to close the policy. To file a maturity claim you will usually need the following documents:

  • The policy discharge form
  • Original policy document
  • Your ID and age proof
  • Proof of your bank account and details (submit passbook copy or cancelled check)

In case where you had assigned the policy for loan etc. submit the details of assignment as well.

In the exceptional case of the policyholder dying before the maturity claim has been processed, but after maturity, the claim remains a maturity claim only. However, the value may pass to the legal heirs.

How to File a Death Claim?

In the case of death claims, the first step for the family or nominee is to inform the insurer. With Canara HSBC Life, you can also submit your details online through the website and receive timely claim assistance from the insurer.

The documents needed in this case include the following; also note that all the documents need to be attested:

  • Death claim form
  • Death certificate of the insured issued by the local municipal authority
  • Original policy document
  • Copy of nominees’ bank passbook or cancelled cheque for bank details
  • ID & Address proofs of the claimant

Early death rarely happens due to natural causes. Thus, you will also need to submit the documents depending on the actual cause of death of the person.

In case of death due to medical reasons any of the following:

  • Physician’s statement
  • Treating hospital’s certificate
  • Employer’s/school/college certificate
  • Hospital/Other treatment records

Accidental death cases will need the following documents:

  • FIR or Police investigation report
  • Post-Mortem Report (PMR)

Forms You Can Receive from the Insurer

To make the process easier for the bereaved family and nominees, the insurer provides most of the forms and certification formats.

For example, at Canara HSBC Life, you can either download the following forms from the insurer’s website or collect from the nearest branch office in 10 regional languages including English:

Attestation of Documents: The documents you need to submit for death claim must be attested. Any of the following persons may attest the documents:

  • A company agent, employee or relationship manager
  • Branch manager of a distributing bank for insurer’s policies
  • Bank manager of a nationalized bank with appropriate stamp
  • A Gazetted officer, Headmaster or Principle of a Government school
  • Magistrate

One Day Claim Settlement – Eligibility & Requirements

The best life insurance companies, including Canara HSBC Life, promises one-day claim settlement for eligible policies. The eligibility criteria and requirements to receive the claim within one working day are as follows:

  • Policy should have completed 3 years before death with all premium paid.
  • Claim amount on all (per life/person) eligible up to ₹1 Cr.
  • All mandatory/required documents should be received at intimation stage.
  • Claim to be intimated before 3pm between Monday to Friday.
  • No verification/investigation required.

While you can submit all the documents at the same time, the insurer may ask for additional documents if needed. However, if the insurer does not see a need for verification, the claim will be processed within a day.

Workdays are counted between Monday to Friday and claims received before 3:00 PM on these days are processed on the next working day. However, in case of claims received after 3:00 PM the process may take one more day.

Where to Submit the Claim Documents?

You can submit the documents at the nearest branch or office of the insurer. However, the formal claim registration only happens when the written request reaches the claim office of the insurer.

In the case of Canara HSBC Life, you can locate the nearest branch office and submit your documents there. You can also register your claim assistance request online and receive the needed support in filing the claim.

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