Filing A Life Insurance Claim
Filing A Life Insurance Claim
Filing A Life Insurance Claim
Claim settlement is one of the most important services that an insurance company can provide to
its customers. Insurance companies have an obligation to settle claims promptly. You will need
to fill a claim form and contact the financial advisor from whom you bought your policy. Submit
all relevant documents such as original death certificate and policy bond to your insurer to
support your claim. Most claims are settled by issuing a cheque within 7 days from the time they
receive the documents. However, if your insurer is unable to deal with all or any part of your
claim, you will be notified in writing.
Types of claims
Maturity Claim - On the date of maturity life insured is required to send maturity claim /
discharge form and
original policy bond well before maturity date to enable timely settlement. Most
companies offer/issue post dated cheques and/ or make payment through ECS credit on
the maturity date.
Incase of delay in settlement kindly refer to grievance redressal.
Death Claim (including rider claim) - In case of death claim or rider claim the following
procedure should be followed.
1. Claim intimation/notification
The claimant must submit the written intimation as soon as possible to enable the
insurance company to initiate the claim processing. The claim intimation should
consist of basic information such as policy number, name of the insured, date of
death, cause of death, place of death, name of the claimant.
The claimant can also get a claim intimation/notification form from the nearest
local branch office of the insurance company or their insurance advisor/agent.
Alternatively, some insurance companies also provide the facility of downloading
the form from their website.
4. Settlement of claim
As per the regulation 8 of the IRDA (Policy holder's Interest) Regulations, 2002,
1
the insurer is required to settle a claim within 30 days of receipt of all documents
including clarification sought by the insurer. However, the insurance company can
set a practice of settling the claim even earlier. If the claim requires further
investigation, the insurer has to complete its procedures within six months from
receiving the written intimation of claim.
om·buds·man ( m b dz m n, -b dz-, -b dz -)
n.
1. A man who investigates complaints and mediates fair settlements, especially between
aggrieved parties such as consumers or students and an institution or organization.
2. A government official, especially in Scandinavian countries, who investigates citizens'
complaints against the government or its functionaries.