How to Make A Death Claim In Insurance?
Losing a loved can be very draining emotionally. If the deceased is one of the bread winners for the family, the impact is double fold. Thankfully life insurance acts as a soothing balm at least on the financial aspects of the loss to some extent. But there is a widespread myth that filing a life insurance claim itself is draining. Here, we provide a detailed overview on how to file a death claim when faced with such an eventuality.
Step 1: Inform the Insurance Company
• The step is informing the life insurance company without much delay. Inform the insurer about the loss including information like date, place and reasons for demise.
• You can share the information through email or the 24/7 helpline number of the insurer.
• Anyone can share the initial information with the insurer and one does not have to necessarily be the legal heir or the nominee.
Step 2: Seek detailed information of documents to be submitted
• The insurer will then advise on the documentation required along with the insurance claim form.
• Since documentation varies for natural and unnatural deaths, it is prudent to check with the insurer on exact documentation to be submitted.
• Documentation requirements for natural death includes the original life insurance policy document, a duly signed and filled claim form and a copy of the death certificate.
• For unnatural or accidental deaths additional documents required are medical reports, police FIR, the final police investigation report, hospital certificate etc. The exact documentation may vary from case to case and insurer to insurer.
Step 3: Gather the relevant documentation and fill the claim form
• Depending on the case, ensure you have collected all the relevant documentation.
• You can download the claim form either online from the insurer's website or using a physical copy from their office.
• The claim form needs to be submitted along with all relevant documentation.
Step 4: Provide any additional documentation if requested by the insurer
• The claims assistance team of the company will then processes and verifies the information.
• If any additional details or documentations are sought, you will have to provide it, to avoid claim denial.
• Once the claim is approved, the nominee receives the claim directly in their bank account. The claim can either be through ECS or cheque depending on the preference at the time of signing up of the insurance policy. For ECS mode, the insurer may seek a cancelled cheque along with a photocopy of the attested bank account passbook of the nominee.
• Usually claim settlement happens within a 30 day period. But for claims that may need any detailed investigation the insurance company can take up to 6 months for approval or denial.
Step 5: Make use of proper grievance channel if claim is denied for any reason
• For any claim denials or disputes, you can make use of the dedicated grievance department of the insurance company.
• If you are not offered an apt resolution, you can then approach the grievance redressal cell initiated by insurance regulator IRDA. Life insurance claims is a seamless process provided you understand how it works and approach for claims in a step wise manner.