With the COVID-19 pandemic wreaking havoc in the country, the insurance industry has witnessed a significant push. Term life insurance, in particular, has been popular among the general mass. These policies offer comprehensive financial protection to the family of the policyholders after their untimely death. It is important to be informed about the documents required to file a death claim and the claim settlement process to ensure that families get their due.Read more
The process of death claim settlement has been made simpler and significantly less time-consuming than before. Most insurers allow you to file claims directly on their websites without having to visit their branches. All you will need is a list of documents to upload, such as proof of death of the life assured, evidence supporting the claimant’s relationship with the deceased life assured, bank details, etc. In order to upload these at the insurer’s claims portal, you will need scanned copies of the documents required to file term insurance claims.
Death claim intimation requires details about the cause of death, the date, and the place of death. To ensure a smooth claim settlement process, you should keep documents validating the abovementioned aspects handy. The following section offers a comprehensive guide into the documents you will need to produce while filing a death claim against the term insurance coverage of the deceased policyholder.
For deaths occurring after 3 years from the date of risk commencement
Original policy document
Duly filled claim form application
Claimant’s statement, with information about themselves and the deceased
Original certificate of death attested by the local municipal authority
Deeds of assignments/re-assignments, if any
Evidence of title if the policy was not assigned
Copies of nominee’s identity proof such as Aadhar card, passport, voter ID, PAN card, as mentioned in the policy application
Canceled cheque and NEFT mandate
In the case of deaths due to medical illnesses
In addition to the abovementioned documents, you will be required to submit the following:
Attending physician’s statement/certificate
Proof of treatment in a hospital
In the case of accidental or unnatural deaths
If the policyholder succumbs to death as a result of an accident or under any unnatural circumstance, claimants have to furnish the following along with the above-mentioned documents:
Certified copy of the First Information Report (FIR)
Police investigation report
If the death of the policyholder occurs within 3 years from policy inception, an early death claim has to be filed. Early death claims require you to submit the aforementioned documents based on the nature of the death along with the employer’s certificate if the deceased life assured was employed at the time of death.
These documents are extremely crucial to facilitate a smooth claim settlement process. The insurer thoroughly verifies all the submissions and only then is the claim processed. If the insurer finds any fabricated information, the entire benefit amount shall stand canceled.
Another important role the documents required to file death claims play is distinguishing genuine claims from fraudulent ones. These documents come in handy during the investigation sought by the insurer.
Now that we are aware of the documents required to file term insurance claims, we can move towards understanding the process of death claim settlement. It primarily involves three steps:
Claim Intimation - Inform the company of the death of the policyholder. Fill out the claim intimation form available online on companies’ websites or offline at their branches.
Document Submission - Submit the relevant documents mentioned above as per the circumstances under which death occurred for verification by the insurer.
Claim Verification - Once the documents are verified, the company processes the claim and transfers the benefit amount directly to the assigned nominee’s bank account. As mandated by the IRDAI, an insurance provider is obligated to complete all death claims within 30 days from the date of intimation for cases that do not require further verification.
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