Insurance Claim: In case of death of the policyholder, the agent must be informed. If you have bought the policy directly from the company, then this information should be given to the insurance company.
Insurance Claim: What a person does not do for his family. We all take life insurance or term insurance to ensure a better life for our loved ones after us. Life insurance policy gives financial protection in case of any mishap. On the death of the policyholder, his family gets the sum assured. But, the insurance company provides the insurance amount to the nominee along with certain terms and conditions.
We take many information from the company before taking insurance, but we are slow in giving these information to our nominee. The lack of necessary information with the nominee is also one of the reasons behind the news about the insurance company rejecting the claim. If you want the claim to be settled easily, then keep these things in mind:
Notify agent and insurance company
In case of death of the policyholder, the agent of the insurance company should first be informed. Apart from this, if the policy is purchased directly from the company, then the nominee is required to inform the insurance company about the death of the policyholder.
This work can be done through call or email on the company’s toll free number and the sooner the better. When you inform, at that time the nominee is required to give details like the date, place and cause of death of the policyholder to the insurance company.
After getting the information of the policyholder, the insurance company asks the nominee to fill the death claim form. Several documents have to be attached with this form.
This form can be downloaded from the insurer’s website or obtained from the agent or insurer’s office. The form contains details of the policy number, date, time of death of the policyholder, cause of death, name of the nominee, bank details and other policy details. Along with this, the original papers of the policy, death certificate of the insured, medical death summary in case of any illness.
If the death has happened in an accident, then definitely attach the report of FIR and postmortem for this. The nominee will also have to give his KYC information. If death is accidental then only death proof from government, hospital or municipal records is sufficient.
How long does it take?
The insurance company will first check the claim form. As per rules, it should be settled within 30 days of submission of relevant documents. The insurer can also ask for clarification or supporting evidence. By doing this, it may take a few days to 6 months for your settlement claim to be generated.
Claim may be rejected
Be careful while filling the insurance form. First of all make sure that the form is filled correctly. Provide correct information regarding your age, education, income, habits, family, other policies and health.
Your life insurance cover is decided on the basis of your information. If any of this information is found to be wrong then your insurance claim may be rejected. Even if the claim is made within 3 years, there can be a reason for investigation.
When you get an insurance policy for the first time, read it completely. There is no mistake anywhere. If there is any mistake in this then contact your company immediately.
In this, fill your nominee’s name, date of birth, relationship and address correctly. Keep your policy in a safe place and inform your nominee about it. Pay the premium of the policy on time.
Even if you do not pay the premium on time, there is every chance of your claim being rejected.