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Life Insurance Claim Process

The purpose of life insurance is to secure the people you love so that when you are not alive, they’re not burdened financially. Hence, it is important that the nominee/claimant is able to receive the policy amount after your death without much delay or hassle so as to ensure . The process of claiming the sum assured on death involves a few steps, depending on the type of policy and the amount claimed. In this article, we will discuss the process and requirements that are involved to claim a policy amount. 

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What is Life Insurance Claim Process?

The life insurance claim process is the process by which the beneficiaries of a life insurance policy receive payment from the insurer after the policyholder’s death. It typically involves informing the insurer about the death od the policyholder, submitting required documents such as claim form and death certificate and then undergoing a review of claim by the insurer.

If the claim is approved, the beneficiaries will receive payment in a lump sum or structured over time, depending on the policy. The specific details of the life insurance claim process can vary depending on the insurance company and policy, so it is important to review the policy and contact the insurance company with any questions or concerns.Top of Form

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Types of Benefits That Can Be Claimed in Life Insurance

Below mentioned are the types of benefits that can be claimed upon purchasing a life insurance policy:

  1. Death Benefit

    Death Benefit is the most common kind of claim process in life insurance and provides financial support to the family of the policyholder after his/her death. With the death benefit, the surviving family members or nominees can sustain their lifestyles after the policyholder’s death. The nominees have to claim the death benefits after the death inorder to receive the sum assured.

  2. Maturity Benefits

    Maturity benefits are received by the policyholder if he/she outlives the life or term insurance policy period. Moreover, if the policyholder pays all the premiums on time and completes the policy without any lapse, he/she is eligible for maturity benefits.

  3. Rider Benefits

    If the policyholder purchases a life insurance policy and adds riders to it, such as Accidental Death Rider, Waiver of Premium Rider, Critical Illness Rider etc., he/she can claim the rider benefits whenever the situation arises.

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Steps Involved in Life Insurance Claim Process

The claim process follows the death of the policyholder, upon which the nominee/claimant can go ahead and claim the death benefit. Below mentioned are the steps that determine the processing of the claim:

  1. Intimation of Claim

    After the life assured's death, the nominee can initiate the life insurance claim process by submitting the Death Claim Form to the head office/bank branches/nearest offices or by Email, together with an attested proof of identification and the nominee's address proof. The death form can be found in both online and offline mode from the company’s website and branch offices respectively.

  2. Document Submission

    The nominee/claimant also needs to submit the relevant documents together with the form to verify the information provided to the insurance company regarding the death of the policyholder. Below mentioned are the documents that the nominee should provide to the insurance company within the stipulated time provided to him/her:

    Death Types Documents Required
    Mandatory Documents
    • Original documents of the policy
    • Death Claim Form
    • Canceled Cheque with NEFT details
    • Nominee/Claimant’s ID and Address Proof
    Additional Documents Required:
    In case of Medical//Natural deaths
    • Consulted Doctor’s Statement
    • Certificate of hospital treating the deceased policyholder
    • Employer Certificate or Educational Institute Certificate of policyholder
    • Additional treatment/hospital/ records
    In case of accidental/unnatural deaths
    • Police Reports (Panchnama, FIR, Police Investigation Report, Charge sheet)
    • Autopsy/Post Mortem report (PMR) and Viscera Report
  3. Settlement of Claim

    When the company receives all of the required documents and forms, the claim starts getting processed. The company checks and verifies the documents in accordance with the requirements, makes a decision (subject to T&C), and communicates the same to the nominee/claimant.

Things to Remember When Claiming Death Benefits

Although the claim process has become an easy task nowadays due to the flexible options available, you need to keep in mind the following things to have a seamless claim settlement:

  • The life insurance claim processing time for different insurance companies is different. But, you can always contact their customer care service for assistance or if you have any query.

  • Always check the Claim Settlement Ratio (CSR) of different insurance companies, issued by IRDAI, and make sure that you compare their CSR for five consecutive years to make an informed decision on which company to buy a plan from.

  • Some insurance companies offer online facilities, too, along with their offline mode of claim settlement. You need to visit their website to understand the process and get your claims settled.

  • Ensure that the information given to the insurance company during the purchase of the policy is correct and up-to-date.

  • Always notify your insurance company if there is a significant change in your lifestyle practices or habits. For example, if you start smoking or participate in a harmful activity.

  • Always make sure that you pay your premiums on time to avoid lapsation of policy.

Wrapping it up!

A life without loved ones is miserable! So, you can at least make sure that they can be financially settled even if it is going to be difficult forgetting you after you die. You can check on Policybazaar for the best insurance companies with great claim settlement ratio to purchase a suitable plan with great CSR.

FAQ's

  • What is the process for receiving an insurance claim after the death of a policyholder?

    Ans: To accelerate the processing of your claim, you must notify the insurance provider of the policyholder's death as soon as possible. After filling out all of the necessary information, you may pick up a claim form at the insurer's local branch. You may also obtain the claim form from their website.
  • What is the procedure for making a life insurance claim?

    Ans: For claim processing, the claimant/nominee must intimate the process, submit documents and wait until the claim is settled (which is communicated by the company once the documents and information are verified). You have to produce the death claim form, original policy document, death certificate, ID/Address proofs of the nominee, police FIR and post mortem report (PMR) for accidental death, and documents from the treating doctor/hospital (for disease death), etc.
  • What is the procedure for submitting claims?

    Ans: The process of determining the amount of payment that the healthcare provider will get after the insurance company clears all dues is referred to as claim submission. You have to begin with claim intimation, and then submit documents and finally, the claim will start getting processed after document verification.
  • How is death benefit calculated in life or term insurance?

    Ans: The death benefit is the sum paid by the insurance company to the beneficiary of a life insurance policy in the event of the untimely death of the life guaranteed within the policy's term. The death benefit is equal to the sum promised decided by the life assured when the life insurance policy was purchased.
  • Which policies provide a death benefit?

    Ans: When the insured person or annuitant dies, the death benefit of a life insurance policy (including term insurance), annuity, or pension is paid to the beneficiary. Death payments from life insurance plans are often not subject to income tax, and named recipients typically receive the death benefit as a lump-sum payment.

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