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Documentation is the paperwork that contains official information regarding the contract. In other words, documentation can also be called as the collection of documents that act as a written evidence of the official information. These are preserved as the record so that they can be utilized when required. Similarly, when insurance claims are needed to be raised, documents pertaining to the life insurance policy are utilized as proof.
Life insurance is acquired to provide the financial support to the Dependants or the family members in case of unexpected demise of the policy holder. And, at the time of maturity, the sum Assured is granted to the policy holder. Needless to say, one needs to raise the insurance claims either in case of demise of Policyholder or at the time of Maturity of the life insurance policy.
Procedure to follow to raise the claims is more or less the same in both the cases. However, what differs is the number and type of documents to be submitted.
Death of the dear one is the unfortunate event of anybody’s life and nobody can help to overcome this loss. Since the deceased person wanted to take care of his dependants in this untoward event too, he procured the life insurance policy. Now, it is the responsibility of the knowledgeable survivors to raise the Claim for the same. Here, we have elements of documentation required to raise the insurance claim:
Generally, when the maturity time of the policy is near, Life Insurance Company sends the intimation letter regarding the completion of the policy at least 2 to 3 months in advance. It describes the date of the maturity of life insurance policy as well as amount payable as sum assured. Along with the intimation, the company sends a discharge voucher. The policy holder has to send the following documents immediately to the Insurer company:
An action taken in rush can cause your insurance claim to get rejected or unduly delayed since raising the insurance claims is not that easy. Therefore, if you are the Beneficiary of a life insurance or raising claim at the maturity, you need to be practical and need to take your steps prudently.