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How to File a Claim in Endowment Insurance

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Endowment insurance plan is a type of life insurance Policy that provides life cover as well as financial assistance to the Policyholder for a specified period of time. It acts as a financial instrument in case there is a financial loss or death of the life Insured during the policy term. If the life Assured survives the term, a guaranteed Maturity benefit is provided to the policyholder.

In other words, Endowment Plan is a life insurance cover which provides both Risk protection as well as an investment option. Guaranteed returns on savings are provided to the Beneficiary at maturity over a specified period of time. There are two types of endowment insurance:

1.Traditional Endowment Plans –

In such plans, guaranteed returns are offered at maturity. Reversionary bonuses and non-guarantee Bonus (incase the plan is a participatory one) is provided as well. There is no link with the upswings or changes in the capital market.

2.Unit Linked Endowment Plans –

In such plans, the maturity benefit or financial assistance is provided over a period of time during the policy term. The beneficiary also gets the Fund Value, which is generated through profits from the capital market where the money has been invested by the life insurance provider. However, the Fund Value is not guaranteed and the policyholder can incur a loss when there is a market downswing.

Endowment insurance plans are designed in such a manner that the survival or maturity benefits of the policy can be en-cashed to meet various expenses or monetary commitments like child’s education, marriage or for the purpose of funding the retirement.

However, Claim filing is important as it is the only way to get Death Benefit or maturity benefit in endowment plans.

Steps to File Death Claim Claim form is Discharged

On death of the life insured, the Insurer is notified immediately by the beneficiary. When the insurer learns about the loss, a claim form is forwarded to the beneficiary.

Claim Form is Filled in :

To get the death benefit, the claim form must be signed by the nominee, legal heirs, or assignee.

The statement on the loss is provided by the last medical officer who checked the insured.

The hospital certificate must be provided by the hospital authorities where the insured has been treated.

Death certificate and statement of a witness, who was available during cremation, must be provided.

Discharge voucher, if required, must be also provided after filling in the voucher.

Additional forms can be provided for faster and effective sanction of the benefit, such as:

  • E-Certificate from the employer – in case the insured worked in an organization.
  • Certified copies of Post Mortem, First-Information Report, and Police investigation report – in case the death was unnatural.

Claim Form with Necessary Documents are Posted to the Insurer

Steps to File Maturity Benefit

Claim Form is discharged :

As endowment plans are insurance cum investment plans, a lump sum maturity benefit is provided at the end of the policy term. To ensure that beneficiaries get their benefit at maturity, the insurance provider releases claim forms or vouchers just one month before the end of the policy term.

Claim Form is Filled in :

After receiving the claim form, the insured signs the form and fills in the required data. Any necessary document is attached with the form. All in all, the claim form must be complete.

To get the maturity benefit, only the insured needs to sign the form.

Claim Form with Necessary Documents are Posted to the Insurer :

Generally, endowment plans are available for a period of 10, 15, 20, 25, and 30 years. So, the survival benefits under endowment plans are available only after the completion of the specified period and not before that.