In order that your claim is settled and your dependents get the money make sure to fill in all details yourself. Do not allow the insurance agent to fill the form on your behalf. If there are any major errors or omissions it might mean your claim is rejected and your loved ones will get no money from the policy.
These would mean a higher premium for your life insurance policy but it is best to disclose it as if it is found out later your claim will not be settled.
If you have taken life insurance policies from a number of different insurance Companies make sure to mention all of them. Many life insurance Companies disregard your claims if you have taken life insurance policies from more than a single life insurance Company.
You need to intimate the insurance Company as soon as possible on the death of your loved one so that your claim is processed as soon as possible.
You need to mention the policy number, name of the policy holder, date of death, cause of death and place of death as well as the claimant’s name.
You need to provide a letter of the claim, FIR report, Post mortem report (in case of accidental death) as well as medical certificates in case of hospitalization.
The claim depends on thematurity/sum assured amounts as well as cause of death and the duration for which the policy was taken.
All the documents need to reach the Insurer as soon as possible and then the Insurer makes a decision on the claimed amounts based on the cause of death as well as other factors.
All claims are settled on an average within 30 days and if there is an investigation the maximum time period is 6 months. The payments are made to you through electronic fund transfer or through a cheque.
It is very necessary that you have a nominee for your policy otherwise there are a lot of hassles in the claim settlement process. If a registered will (Probate) is made and the claimants name is mentioned he/she will get the settlement amount.
Mr C.S.Sudheer is a management graduate. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.