How To Claim Life Insurance – A Step-By-Step Guide

IndiaFirst Life
• 12 Jun, 2024

When buying a life insurance policy, one has to take several factors into consideration. You can start with things as simple as using a life insurance calculator to get estimates for premiums and benefits. From here onwards, you start the journey of securing the future of your loved ones.

However, this journey would remain incomplete if your nominee or beneficiary were to be in the dark about your policy and its details. Knowing how to claim a life insurance policy is crucial to ensure that the intended beneficiaries are not left abandoned.

Whether you are a policyholder or a nominee, it is essential to understand what the life insurance claim process for a policy is. Let’s understand this process and other important details that may help you make a claim.

Types of Life Insurance Claims

Depending on the type of policy purchased, a life plan could offer multiple benefits. Here is a look at some of the claims one can make within a life insurance plan.

Death Claim:

Filed by the nominee or beneficiary when the policyholder passes away.
Maturity Claim:

Filed by the policyholder when the policy term ends.
Rider Claim:

Filed for additional benefits such as critical illness and accidental death.

Step-by-Step Guide to Filing a Life Insurance Claim

While the type of forms you fill may change based on the sort of claim you are initiating, the broader process of raising a claim for your life insurance policy remains the same. Here is a look at the steps you may have to follow when initiating your life insurance claim.

Step 1: Inform the Insurance Company

The first step is to inform the insurance company about the policyholder’s death as soon as possible. You can do this through any of the following means commonly available.

Customer service helpline
Email
App
Visiting the nearest branch

Step 2: Collect the Required Documents

The next step involves gathering all necessary documents for a smooth claim process. Commonly required documents include:

Original policy document
Death certificate
Claim form (available on the insurer’s website or branch)
Identity proof of the nominee
Medical records (if the death was due to an illness)
FIR and post-mortem report (in case of an accidental death)

Step 3: Fill Out the Claim Form

Accurately fill out the life insurance claim form, which may be available on the insurance provider’s website or app. If you have difficulty figuring out the relevant form, you may also request the form over email.

Typically, these forms require the following details:

Details of the deceased
Policy number
Date and cause of death
Details of the nominee

Depending on the policy and the claim being made, you may be required to submit additional information.

Step 4: Submit the Documents

Submit the completed claim form along with the required documents to the insurance company. This can usually be done by mail, or you could also visit a branch. You may also ask the insurance provider if you may email the documents.

Step 5: Verification Process

Once the documents are submitted, the insurance company will verify the details. This process involves:

Cross-checking the submitted documents
Validating the cause of death
Ensuring the policy is active and premiums are paid up to date

Step 6: Claim Settlement

After successful verification, the insurance company will process the claim. You may expect the claim to be processed within 30 days of receiving all necessary documents. In cases requiring further investigation, the company should complete the process within 90 days.

Tips for a Smooth Claim Process

Here are some of the ways you can ensure a seamless claims process.

Maintain a folder of all necessary documents.
Inform the insurer as soon as possible, for early initiation.
Ensure all information provided is accurate and up to date.
Regularly follow up with the insurance company to check the status of the claim.

Common Challenges and How to Overcome Them

Delay in Claim Settlement:

It could happen due to incomplete documentation or discrepancies in information. Ensure all documents are complete and accurate before submission.
Claim Rejection:

Non-disclosure of important information or policy lapse could lead to claim rejection. To avoid this, always disclose all necessary information at the time of policy purchase.

To ensure your loved ones receive all the intended benefits of life insurance, it is important that they understand how the claims are to be made. Remember, the key to a hassle-free claim process lies in prompt communication and accurate documentation.

Ensure your nominee or beneficiary is fully aware of the process to access life insurance documents and all other essential documents. Furthermore, they should be aware of the policy details and claims-related processes defined by the insurer. Having this information at hand could help them in their time of need.

Disclaimers:

Disclaimers: IndiaFirst Life Insurance Company Limited, IRDAI Regn No.143, CIN: U66010MH2008PLC183679, Address: 12th & 13th floor, North Tower, Building 4, Nesco IT Park, Nesco Centre, Western Express Highway, Goregaon (East), Mumbai – 400 063. Toll free No – 18002098700. Email id: customer.first@indiafirstlife.com, Website: www.indiafirstlife.com. Fax No.: +912268570600. IndiaFirst Life Insurance Company Limited is only the name of the Life Insurance Company and ________________ UIN ____________ is only the name of the Life Insurance Product and does not in any way indicate the quality of the contract, its future prospects, or returns. For more details on risk factors and terms and conditions, please read the sales brochure carefully before concluding the sale. Trade logo displayed above belongs to our promoter M/s Bank of Baroda and is used by IndiaFirst Life Insurance Co. Ltd under License. Advt.

Ref. No.: __

BEWARE OF SPURIOUS/ FRAUD PHONE CALLS!

IRDAI is not involved in activities like selling insurance policies, announcing bonus or Investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

by IndiaFirst Life
Headquartered in Mumbai, IndiaFirst Life Insurance Company Limited (IndiaFirst Life), with a paid-up share capital of INR 754.37 crore, is one of the fastest growing private life insurers in India in terms of New Business IRP in Fiscal 2023. Our key differentiators are our simple, easy-to-understand products that are optimally priced. As of Sept 30, 2023, we offered 30 retail products, 13 group products along with six riders (across retail and group portfolios), along with policies under the PMJJBY scheme, catering to protection, savings, health and retirement needs of our customers, leveraging multiple distribution capabilities and augmenting various investment options. In all propositions under the categories of Participating Plans, Non-Participating Savings Plans, Non-Participating Protection Plans, Unit Linked Insurance Plans, Group Protection Plans, Corporate Funds Plans, Riders & PMJJBY form a complete suite of offerings that help our customers prepare for the certainties of life. Our products are easy to understand and optimally priced with a developed comprehensive risk management framework/policy.