The Trouble-free Way to Claims



  • Claim intimation form
    You can get the form from the nearest local office of the insurance company. Some companies also offer this online. You must fill the form to initiate the claim processing. Enter the policy number, name of the insured, date of death, cause of death, place of death and name of the claimant.
  • Documents required
    You will be required to provide statement, original policy document, death certificate, police FIR and post-mortem report, and certificates from the treating doctor and advance discharge form for claim processing. Based on the sum at risk, cause of death and policy duration, insurers may also seek additional documents, says Kalpana Sampat head-underwriting, claims and group operations, ICICI Prudential Life Insurance. The insurer asks for a policy document as it acts as proof of purchase. Other related documents like assignment deeds and nomination deeds must also be submitted. You have to submit proof of age if the policyholder hasn’t submitted a copy at the time of taking the policy. The death certificate acts as a conclusive evidence that the individual ceases to exist.
  • Document submission
    Submit all documents at the earliest, as the company can’t take a decision unless all requirements are met. Once all documents are in, the insurer can take a decision about the claim.
  • Settlement of claim
    As per Irda guidelines, the insurer is required to settle a claim within 30 days of receipt of all documents. However, an insurance company can settle the claim even earlier. If the claim requires further verification, the insurer has to complete procedures within six months from receiving the written intimation of claim.
  • What follows

    An enquiry may be conducted into the reasons behind sdeath. “This usually happens for large-sized policies or during unnatural deaths like murder or an accident. Companies do this to eliminate the possibility of foul play,” says a senior LIC official.

  • Who gets the benefit
    Usually, the insured individual nominates the claimant at the time of taking the policy. In case there is no nomination, it becomes “Open Title” situation. The insurer would then require the proof of title / succession certificate issued by the competent court. The claim would be paid to the person specified in the proof. “It is very important that the policyholder should provide nomination. It saves the heirs, the inconvenience of time consuming court procedures at a claim stage,” Ms Sampat adds.


Source by aditi