Life is uncertain but having a good insurance policy can give you a sense of security amidst this chaos. Choosing the best policy, according to your requirements, needs through market research and comparison of policy details of different providers. This includes a comparison of the cost, coverage, exclusion and other details. However, one key aspect which often misses our attention is the process of claiming the policy in case of a mishap. Now, an insurance policy can only be claimed in two situations- in the event of death of the policyholder or completion of the maturity period. Here, we look at the process of claiming the policy in both cases.
How to claim an insurance policy in the event of death?
To claim the life insurance policy in the event of the death of the policyholder, an intimation has to be sent to the insurer from the side of the nominee mentioned in the policy. Any close relative of the deceased or the insurance agent can do this on behalf of the family. Sending early intimidation will help the nominees to claim the insurance amount easily.
The claim intimidation will contain information regarding the death like the date, time and cause of it. The insurance agent of the policy has the responsibility to help the nominees complete the formalities of the insurance claim.
After the insurance company receives the intimidation it will revert to the applicant asking for documents including
– Filled up the claim form.
– Policy Document
– Death certificate
– Deeds of assignments/ re-assignments (if any)
-Legal evidence of title if the policy has no nominee or has not been assigned to anyone.
-Form of discharge executed and witnessed
It must be noted that the insurance company can ask for documents like a medical attendant’s certificate, hospital certificate, employer’s certificate, police inquest report, post mortem report and others if and when required.
How to claim a life insurance policy on maturity?
To claim life insurance policy on maturity, the policyholder will have to send an intimation with discharge voucher and other details at least two to three months before the maturity date. The policyholder is supposed to send the original copy of the policy bond along with the discharge voucher signed in presence of witnesses, to enable it to make the payment.
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