Life insurance is the best way of handling risk management in life, but the real benefit of a life insurance can be gained only if the claim settlement is properly approached. Claiming your insurance policy is quite a delicate process, but unless there are no major complications in your documents, you must be able to get your claim amount in a short span. First things first, when claiming your life insurance policy, you have to disclose the complete policy details to your insurance company by submitting all the essential documents. This will help speed up the process and you may get your claim amount quicker
Defining Life Insurance Claims
Maturity claims:- Once the policy gets matured, you can apply for the claim of the policy or it can also be survival benefit claim in which a policy discharge form that is duly signed and sealed has to be submitted to the insurance company.
Rider claims:- If you have availed any riders as part of your life insurance policy such as critical illnesses or accidental death benefit, you can claim these riders according to the need of the hour.
Death claims:- Claims made on the death of the policy holder. This has to be made by the nominee of the policy holder and the original copy of the policy has to be submitted when applying for the claim.
Step wise Procedures for Claiming Insurance
Write an intimation letter to the insurance company about your policy details and your need to claim. Include essential details such as policy number/name of the policy holder/cause of claim/name of the nominee and the death details of the policy holder.
Submit all the necessary documents/paper works to the insurance company on the said date and time.
Claim settlement processes that will be done by the insurance company.
The claim amount is usually issued in the form of account payee cheque in the name of the nominee. Remember, the speed of claiming process depends on the proper submission of the documentation of your insurance policy.