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.
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Now, you may have to make any of the two types of maturity claim in insurance:
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:
If you have been assigned the loan policy, etc., submit the assignment details.
In the exceptional case of the policyholder dying after the maturity period but before the claim has been processed, the claim remains a maturity claim only. However, the value may pass to the legal heirs.
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 submit your details online through the website and receive timely insurance claim assistance.
The documents needed in this case are listed below. Also, note that all the documents need to be attested:
Early death rarely happens due to natural causes. Thus, you must also submit the documents depending on the person's cause of death.
In case of death due to medical reasons, any of the following:
Accidental death cases will need the following documents:
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Filing a death claim can be overwhelming, especially during difficult times. Here are some challenges you might encounter and how to handle them:
You need to submit essential documents, like the death certificate, policy document, and nominee ID proof. If any of these are missing or incorrect, the insurer may delay or reject the claim. Make sure you double-check all required paperwork before submission.
If the nominee’s details in the insurance policy do not match the official records, you may have to provide additional proof of identity. To avoid this issue, make sure the nominee’s name, date of birth, and other details in the policy are correct and updated.
If the death occurs due to an accident or unnatural circumstances during the waiting period of the policy, the insurer may conduct an investigation. You might need to provide a post-mortem report or other legal documents. Understand policy terms carefully so that you can handle the situation easily.
If the policy lapses, the insurer may reject the claim. To avoid this situation, always keep track of due dates and set up automatic payments if possible. Don’t forget to contact your insurer regarding reinstatement options before filing a claim.
If no nominee was assigned in the policy, the claim amount may go to legal heirs. In such cases, you might have to submit a legal succession certificate which is a time-consuming process. To avoid complications, ensure a nominee's name is registered in the policy and updated whenever needed.
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The insurer provides many forms and certification formats to facilitate the process for the bereaved family and nominees.
For example, at Canara HSBC Life Insurance, you can either download the following forms from the insurer’s website or collect them from the nearest branch office in 10 regional languages, including English:
Attestation of Documents: The documents you need to submit for the death claim must be attested. Any of the following persons may attest to the documents:
The best life insurance companies, including Canara HSBC Life Insurance, promise one-day claim settlement for eligible policies. The eligibility criteria and requirements to receive the claim within one working day are as follows:
While you can submit all the documents at once, the insurer may ask for additional documents if needed. However, if the insurer does not need 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 the case of claims received after 3:00 PM, the process may take one more day.
Canara HSBC boasts an impressive 99.38% claim settlement ratio in 2024-25, meaning they paid out nearly all claims received.
Source: Economic times
You can submit the documents at the insurer's nearest branch or office. However, the formal claim registration only occurs when the written request reaches the insurer's claim office.
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 to file the claim.
Now that you understand the maturity claim meaning, knowing the process of claim settlement is also crucial for policyholders and their nominees. A precise knowledge of the required documentation and timely submission can expedite the process. It will ensure the benefits are received without unnecessary delays. Life insurance companies, like Canara HSBC Life Insurance, offer streamlined procedures and support to assist families during these critical times, emphasising the importance of preparedness and transparency in managing life insurance claims.
Policy Discharge Form: A document required to file a maturity claim confirming the policy term's completion and the policyholder's intent to claim the benefits.
Claim Intimation: The initial notification to the insurer informing them about the occurrence of the event (maturity or death) that triggers the claim.
Attestation: The process of having documents officially verified and signed by an authorised individual, such as a notary or bank manager.
o make a death claim, the nominee must inform the insurer about the policyholder's death, either online or at the nearest branch office, and submit the required documents.
The required documents include the death claim form, death certificate, original policy document, nominee's bank details, ID and address proofs of the claimant, and any additional documents depending on the cause of death.
he processing time for a death claim can vary. Still, if all required documents are submitted without verification, some insurers, like Canara HSBC Life, offer one-day claim settlement for eligible policies.
Submit the required documents to your insurer upon policy maturity to file a maturity claim. The insurer usually intimates policyholders near the maturity date.
The documents required for a maturity claim include the policy discharge form, original policy document, ID and age proof, and proof of your bank account details. Assignment details are also needed if the policy was assigned for a loan.
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.
