- Knowing the right steps and procedure for filing a claim can go a long way in bringing peace of mind
- File a claim intimation at the earliest
- Submit the list of documents according to the cause of death
The passing away of the principal breadwinner can pose emotional and financial challenges to the family. The dependents are placed in a precarious position and have to deal with the emotional stress of the loss of their loved one, as well as the financial uncertainty it brings. This is where life insurance can help alleviate some of the challenges, primarily financial, that the family faces.
Mrs. Thomas, who recently lost her husband in a car accident, shares her ordeal. “He has life insurance, but I don’t know what to do. My son doesn’t understand this either. We’re both busy with the last rites and rituals, and I don’t know whom to call and what I should do now.”
- File claim intimation at the earliest
The first step to getting the sum assured is to inform the insurer of the unfortunate event. The nominee can reach out to his/her agent who handles the policy, or directly contact the company. It’s best to intimate the insurer at the earliest to prevent potential complications.
- Get the documents ready
In response to the intimation, the insurer will ask for specific documents. They will also provide the claim form. In addition to filling that up, you will be required to submit the death certificate, medical certificate, the original policy documents, form of discharge, and proof of identity of the nominee, amongst other documents specific to certain conditions.
In case of an unnatural death, an FIR and post-mortem report would also have to be submitted. If illness was the cause, a medical certificate or hospital record is required. If the policyholder was cremated, a cremation certificate signed by a witness, not related to the deceased or the claimant, will be required.
- Natural Death
- Original Policy Document
- Original Death Certificate issued by Local Authority
- Copy of Medical Cause of Death Certificate, Medical Records (Discharge / Death summary, Test results, Admission notes, Outpatient consultation notes, etc.)
- Age Proof & Identification document (with Photo) of Life Assured
- Identification document (with Photo) of Claimant
- Proof of Bank account of Claimant (Self Attested copy of Bank Passbook / Account statement of Claimant)
- Proof of your Current Address
- Unnatural / Accidental Death
All of the above, including:
- Jurisdictional Police Station Attested Copy of FIR
- Post Mortem Report duly attested by the concerned officials.
- Claim Processing and Pay-out
Once the insurer has received all the documents in order, after investigation the pay-out process is initiated. Insurers are required to settle the claim within 90 days of having received all the relevant documents.
The claim will then be settled depending on the pay-out option chosen by the policyholder during the signing of the policy.
However, there are a few scenarios that call for a different protocol while making death claims. In case tragedy befalls both the nominee and the life assured at the same time, the next legal heir will be eligible for the pay-out. If the nominee passes away before the life assured, then the policyholder can appoint another person as the nominee.
In difficult times, the nominee can avail this information to make his/her claim settlement as quick and hassle-free as possible. We, at Exide Life provide life insurance with high coverage and affordable premiums, with high claim settlement ratio. Click here to know more about our products, or to file a claim.