Life Insurance Policies ensure financial security to pay off any kind of debt left behind on event of an unfortunate death. If a policy has been purchased online, here’s how you can easily file a claim by yourself under your Life Insurance Plan.
Who Gets the Life Insurance Plan’s Claim Pay Out?
• The nominee of the policy is the beneficiary of the Life Insurance claim pay-out.
• In case the nominee is a minor, the claim is paid out to the assignee of the policy.
• If you have assigned the Life Insurance Policy to an assignee like your personal loan, the maturity value will be paid to them.
• If the assignee is a person and has also passed away, the legal heirs of the assignee become the beneficiaries of the policy.
How to Claim under a Life Insurance Plan in Case of Death?
1) Intimate the Life Insurance company about the occurrence in writing. Don’t forget to mention the policy number, date and cause of death in the letter. It is not compulsory for the nominee or the assignee of the policy to send the letter of intimation. This can be done by any of the insured’s family members or relatives.
2) The Life Insurance company will then send out a list of documents it requires along with the Life Insurance claim form to assess and process the claim. Life Insurance Policy claim forms can be downloaded from the website as well.
3) Once you send them the complete list of documents from the date the complete set of documents are received, most Life Insurance companies would ideally take about 10-15 days to confirm the claim status.
4) If the claim has been approved, you should receive the claim amount by the end of a maximum of 30 working days.
Documents Required to File a Life Insurance Claim
Dealing with Life Insurance claims is not as difficult if your paperwork is perfectly in order.
Documents Required to File a Life Insurance Claim when Death is Due to Natural Causes:
1) The Life Insurance Policy claim form duly filled and signed along with proof of your bank account.
2) An attested copy of the death certificate that has been issued by the local government authorities.
3) The original life insurance policy document. If you have the Life Insurance Policy in Demat form, the original policy document is not required.
4) The identity and residence proof of the nominee mentioned in the policy. In case the nominee is not alive; the claim amount is paid out to the legal heir of the deceased policyholder.
5) Employer’s certificate form if the policyholder was employed.
6) The attending doctor’s/ hospital’s report. The form is provided to you by the Life Insurance company.
7) Medical reports of the policyholder prior to his/her demise stating diagnosis.
In case of death due to any unnatural cause- accident, murder or suicide, you will have to submit:
• A police report that has been attested by the respective police authorities instead of the medical report.
• A post-mortem report that has been attested by the attending hospital authorities in place of the attending doctor’s report form.
The remaining documents are the same as are required in case of death due to natural causes.
For death due to natural disasters, you only have to submit:
• The Life Insurance Policy claim form with proof of bank account,
• The death certificate that has been issued by the local government authorities, and
• The beneficiary’s PAN and Aadhar Card.
All document copies that are submitted to your Life Insurance company usually require that the originals are seen by an employee of the Life Insurance company. However, the documents may change as per real time requirement.