LIFE INSURANCE CLAIMS

A life insurance policy can be claimed in several ways. Let us look at the most common scenarios.

 

DEATH CLAIMS

1. Contestable Claim: When death occurs within two years from the policy issue date or the latest date of reinstatement (whichever is later), is a contestable claim. There are two scenarios in a contestable claim.

2. Natural deaths (The documents required to claim)

  • Doctor’s statement
  • Statement by the person claiming the insurance
  • Death certificate
  • Clinical Abstract application form (5 in number, which have to be signed and have a witness signature)
  • Relationship proof
  • Original policy 

3. Accidental deaths (The documents required to claim)

  • All documents under natural deaths are required
  • Post-mortem report
  • Police report
  • Media news copy (newspaper article)

If the policy holder has additional accidental death coverage, the toxicology reports and coroner’s inquest will be asked for too.

1. Non-contestable: Again, this policy can be claimed when death occurs within two years from the policy issue date or the latest date of reinstatement (whichever is later). But the documents needed are lesser in number.

2. Natural deaths (The documents required to claim)

  • Death certificate
  • Statement by the person claiming the insurance
  • Relationship proof
  • Age proof in case of any discrepancy

3. Accidental deaths (The documents required to claim)

  • All documents as with natural death
  • Post-mortem report
  • Media new copy (newspaper article)
  • Police report

 

PERSONAL ACCIDENT POLICIES

The claimant/beneficiary of the person deceased (insured) has to submit the following documents in order to make a claim:

  • An original death certificate or a certified true copy
  • Statement by the claimant signed duly along with a witness signature. The witness should bear no interest on the claims
  • The insurance company’s policy contract with the deceased
  • Relationship proof
  • Police report
  • Post-mortem report or the statement by the physician who last attended to the deceased.

 

MATURITY CLAIMS

Under an endowment life insurance policy, the amount is usually paid on maturity, if the policy holder survives the period of insurance.

Closer to maturity date, the insurance company will remind the policy holder and will request for the following documents:

  • Along with the policy contract, an identity form, survival form and discharge form will need to be submitted.
  • If the policy holder is the one whose life is insured, age proof, survival proof and a discharge voucher have to be submitted.
  • If the policy holder is not the one whose life is insured, the policy holder is required to sign a deed of agreement which basically states that the insured is alive but is not available to sign the survival certificate.

 

SETTLEMENT OPTIONS

There are a few settlement options available upon maturity of Endowment life insurance policies.

  • Annuity proceeds can be converted to either an annuity certain or life annuity
  • Cash proceeds in full amount
  • The proceeds can remain with the insurance company as a deposit under agreed terms.
  • Proceeds can be drawn by instalments over time, the interest being credited to the balance outstanding.

 

Visit www.smartgenie.com to compare life insurance companies offering various policies!

 

Disclaimer: All information provided in this article/blog, published on this website is strictly for general information purpose only. SmartGenie does not provide any warranty about the authenticity and accuracy of such information. SmartGenie will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Please visit the websites of respective banks/financial institutions for more details about products.



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