31 January

Death claim in life insurance policy

Category: Moter insurance

Your insurance covers the risk of death and the resultant loss of income due to it. The family/nominee of the insured is supposed to carry out the prescribed procedure to receive insurance claims.

Certain steps are to be followed, which are as follows: 

The Agent should be informed: He shall help you claim the money in your hour of grief, therefore should be informed.

Intimation of claim proceedings:

The company should be informed about the date, time, place and cause of death to initiate the proceedings as soon as possible.

Claim Form:

Once you do the intimation, you need to fill up death form along with certain documents that need to be furnished before the insurance company.

Documents:

The requisite documents are: 

• Death certificate 

• Original policy document 

• Deed of assignments, if any 

• Discharge form 

If no nomination has been made, the claimant is required to attach proof that he is legally entitled to make the claim. 

Procedure:

The company may ask for additional documents after verification of claim to its satisfaction. it will inform the claimant accordingly and pay the death claim amount. 

Points to note:

1. Claim intimation can be made by any relative of the insured, even if they are not a nominee or assignee. 

2. In case of a unit linked insurance plan, the death claim is equivalent to the sum assured or the fund value, whichever is higher.