Filing of Life Insurance Claims

By Policybachat . Posted on November 3, 2014

proper-knowledge-means-hassle-free-claims
Claim settlement is one of the most important services that a life insurance company provides to its customers. One of such insurance claim is the Death Claim. Filing a death claim after the demise of a loved one is really difficult and gives a sense of reducing the value of a loved one to an amount of money. But on the other hand filing such claim is important for the financial security for the deceased’s family.

For legal and tax purposes, beneficiaries must file a life insurance claim in order to receive settlement funds.

When an insured person dies before the Term of the policy, i.e., before the date of maturity, proceeds of the policy will be payable to the beneficiary on submission of the required documents to the insurance company.

Claim Intimation/notification:

The claimant must be prompt in submitting the written intimation for the life insurance company to initiate the claim processing. The claim intimation should consist of basic information such as policy number, name of the insured, date of death, cause of death, place of death, name of the claimant. The claimant can either collect a notification form from the local branch of the insurance company or can download it from their website.

Documents required for claiming process:

The claimant will be required to provide:

  • Claimant’s statement
  • Original policy document
  • Death certificate
  • Police FIR and post mortem exam report (for accidental death),
  • Certificate and records from the treating doctor/hospital (for death due to critical illness)
  • Advance discharge form for claim processing.
  • Official documentation proving the insured member’s family status, and for the beneficiaries, proof of identity as well as proof of relationship to the insured member.

Who can be a beneficiary/ Nominee?

  • Preferred Beneficiary: This can either be a spouse, parent, child or grandchild
  • Primary Beneficiary: This is the first choice life insurance beneficiary to receive the benefit. You can designate more than one primary beneficiary depending on the provisions of your insurance policy
  • Contingent Beneficiary: This is the person who will receive the death benefits if the primary beneficiary dies before or at the same time as the insured. In case there is no contingent beneficiary, the proceeds are passed to the estate.

To check various online Life Insurance claim processes, click on the respective links:

Claims Procedure

  1. Bajaj Allianz Life Insurance Company Limited http://www.bajajallianzlife.co.in/claims.asp
  2. Bharti AXA Life Insurance Pvt. Ltd. http://www.bharti-axalife.com/customer-care/claim_intimation.asp
  3. Future Generali India Life Insurance Co. Ltd. http://www.futuregenerali.in/Life_Insurance/Claims/Claim_Procedure.aspx
  4. HDFC Life http://www.hdfclife.com/CustomerServices/Claims/Claims.aspx
  5. Iffco Tokio http://www.iffcotokio.co.in/customer-services/download-forms?quicktabs_download_forms=0#quicktabs-download_forms
  6. AEGON Religare Life Insurance Company Ltd. http://www.aegonreligare.com/customer_faqsc.php
  7. L & T Insurance http://www.ltinsurance.com/claim-forms.htm?page=download

 

 

 

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