A life insurance policy is a prudent investment product that acts as a safety net for the policyholder’ family when he/she dies. There are many benefits and features that you avail when you buy a life insurance policy. One of the most significant features of buying an insurance is claim settlement facility.
This process is all about settling down claims by the insurance company where the insured person receives the sum assured in return for the premiums paid by the policyholder. There are basically two types of claims – Death claim and maturity claim. In case of death claim, the policyholder’s nominee would receive the death pay-out. While in case of maturity claim, the insured person claims certain amount of money when the policy matures.
To receive the insurance claim, the policyholder or beneficiary of the insured person is required to carry out the whole process. Filing a life insurance claim is pretty simple once you know what to do. Therefore, for a hassle-free claim settlement process, it is important to know the whole claim settlement process. Here’s a step-by-step guide that will help you understand the process better –
Inform the insurance company – In case of the death of the policy holder, the first and foremost thing the nominee should do is to inform the insurer. It is the responsibility of the insurance company to help the deprived family with the claim process by offering all the policy details and documentation. The claimant can file a claim either by contacting the insurance company on call or through email.
Fill in the claim form – Once you have intimated the insurance company about the policyholder’s death. The next step is to fill in the claim form and submit it along with the list of documents. Here’re some basic documents that your insurance company is likely to request in case of natural and accidental death:
In case the insured person dies due to accident, then here’re the following documents that you need to provide to the policyholder -
Claim process – After receiving all the documents, the insurance company will initiate the claim settlement process. They will not only start the process but will also verify the documents, nominee’s declaration, etc. In some cases, beneficiaries are requested to provide additional documents or information if required.
Settlement of claim – Thereafter, the insurer will review the claim and all the necessary documents. If the insurance company gets satisfied with all the details, then they will approve the claim and will inform the nominee about that. If not, then the claim might get rejected. In case of approval, the insurance company would pay the death claim amount to the policyholder’s beneficiary or nominee.
If you want to initiate the claim settlement process on time, then you must inform your insurance company before the policy matures. Here’re the following steps that need to be followed
On the whole, filing a life insurance claim is easy and painless if you are prepared. Thus, the above mentioned information would prove useful to you if going to file a claim anytime soon. Besides, if you want to buy life insurance policy online, then prefer to go with Canara HSBC Life Insurance. We offer comprehensive plans that are designed specially to meet your insurance needs.