Categorized | Life Insurance

How to Apply for Life Insurance Claims?

Life insurance Claim settlement is a vital aspect of life insurance. While opting for the life insurance policies, people consider the aspect of how prompt a life insurance company processes the claims. At the same time, it is also mandatory from the company’s point of view to follow certain procedures while processing the claims.

An overview of how to claim life insurance:

Generally one thinks about the process of how to claim life insurance either at the time of Maturity of the insurance Policy or at untimely demise of the Insured person.

In this regard, life insurance claim form becomes vital for how to claim life insurance, under either of the above mentioned conditions. Basically there are two types of life insurance claim forms: Maturity or Discharge Claim Form and Death Claim Form.

•Maturity or Discharge Claim Form: Since the date of maturity is well known for a life insurance policy taken, the process for how to claim life insurance can be well planned. The required maturity or discharge claim form and the policy document can be submitted before the due date, so as to enable the life insurance company to provide the payments on time.

•Death Claim Form: It is mandatory to provide an intimation of the death in the death claim form to the company, after which the death certificate needs to be provided. In case of death due to accidents, police FIR, medical records including the post mortem reports are also to be produced. In case of death due to illness, medical records, if any required, need to be furnished along with the death claim form and death certificate.

Intimation of Claim to the Insurance Provider:

In case of death, the process of how to claim life insurance starts with the intimation of death to the insurance provider. In order to assist the insurance company in processing the claims swiftly, the claimant has to intimate the insurance provider, in written, about the death. With the written intimation, the company initiates the process of processing the claims.

Some of the important details to be included in the written intimation-

•Insurance policy number
•Name of the policy holder
•Date of death of the policy holder
•Place of death
•Reason for the death
•Name of the claimant

The form of intimation or notification can be got from the nearest branch of the insurance providing company or can be downloaded from the company website, if such facility exists.

The necessary documents required at the time of making claim-

•Maturity claims: Maturity or discharge claim form, and the original policy document.
•Death due to illness: Death certificate, death claim form, and the original policy document and supporting medical records if any.
•Death due to accident: Death certificate, death claim form, original policy document, police FIR copy, post mortem report, and other supporting medical records.
•For permanent disability due to Accident and other Critical Illness or health claims: Medical records or the lab records, details of the tests conducted, discharge summary report, admission details of the hospital as well as the labs if any, life insurance claim form, supporting documents, if any required, and the original policy document.

Once the documents including any one of the life insurance claim form types, and the other required details are furnished, the insurance company will decide upon how to process the claim.

Processing of Claims:

Once the steps for how to claim life insurance have been adapted properly, the insurance companies have to settle the claims within 30 days of receipt of these documents including any one of the life insurance claim forms, even if there are any clarifications need to be made with the claimant. Nowadays the insurance companies act swiftly to process the claims, in order to provide a prompt customer service.