How can you claim your Life Insurance policy?
May 16, 2022
A Life Insurance policy is a breather when you are going through difficult times. The policy ensures that your dependent family members have a secured financial future, in case of the sudden demise of the insured person. With this article, let’s understand how to raise a Life Insurance claim?
What is a Life Insurance policy?
It is an insurance policy that acts as a shield in case of an unforeseen event. The insurance company pays a sum assured to the beneficiary, known as the Death Benefit, in the event of the death of the Policyholder or pays a specific sum at the end of the term. Choosing a Life Insurance policy depends on the needs of the customer.
Importance of Life Insurance.
Getting a Life Insurance policy is one of the greatest gifts you can give to your family. It is essential to have one because it is the only support system that will save your loved ones from any kind of financial crisis when you are not around. There are several types of Life Insurance policies that you can choose from to suit your needs. These include Term Insurance, Unit-Linked Insurance Plans (ULIP), Child Insurance plans and others.
Buying a Life Insurance policy is crucial but it is only useful when you are able to raise a claim. If you are in a situation where you need to claim the Life Insurance policy, then you must know what is the claim process. The process of claim settlement in Life Insurance differs from company to company. However, the basics of raising a claim request somewhat remains the same.
In the event of the death of the Policyholder, the beneficiary can claim the Death Benefit. Below are the steps that the beneficiary can follow for a swift Term Insurance claim process:
Inform your Insurance Company: The first step is to inform the Insurance Company. Once you’ve informed them, the claim process can be initiated faster
Fill in the Claim Form: Next, the insurer will ask you to fill the Claim Form. This is a crucial step. Here you need to provide accurate details of your Policy Number, name, address and others. Incorrect information can lead to an outright rejection of your claim
Submit the necessary paperwork: The Claimant needs to ensure that the important documents are submitted along with the Claim Form. Once the paperwork is cleared, it will result in a swift settlement of the claim
Death Certificate: At the time of the Life Insurance claim process, you also have to share the Death Certificate of the Policyholder. The Certificate contains information regarding the Policyholder’s cause of death, time and location
Hospitalisation & other documents: In case the Policyholder was hospitalised before their death, then the Discharge Form along with the hospital records and post-mortem report also needs to be submitted to the Insurer
ID proof of the beneficiary: The nominee or the beneficiary who is entitled to receive the death benefit or the pay out in lump sum, has to submit their ID proof
Provide additional information, if and when required: If your policy has additional benefits in the form of riders, then some extra information might be required
Claim settlement: Once you follow all the above steps, the claim is processed faster. The Insurance Company will inform you when the claim gets approved.
Securing your family at different stages of life is crucial and buying a Life Insurance is the best investment. If you haven’t protected your family yet, it’s time to act now. You can choose to buy Life Insurance plans from ICICI Bank that will help your family achieve all of your planned future goals.