If an insured dies within the term of the life insurance policy, then the nominee has to claim the death benefit. So, it is very important to understand the process of making a claim on a life insurance policy, especially if you are the nominee of the policy. Understanding the process to make a claim, can save you from a lot of trouble.
The first thing the nominee has to do is inform the life insurer, on the death of the policyholder. The claim can be lodged by contacting the insurer on their toll-free number.
After informing the life insurer on the death of the policyholder, the nominee has to submit the documents listed below to stake his claim.
Documents required in case of natural death
Original policy documents
Copy of the death certificate
Signed and filled claim form
Documents required in case of unnatural death
Medical attendant's certificate
Police FIR report
Post-mortem report
Medical report (Admission and Discharge summary)
Employer's certificate
Final Police Investigation Report
Hospital certificate
In addition to all these documents, the nominee has to submit the Know Your Customers (KYC) details, to the insurer. After the documents are submitted, the claim assistance team will assess the claim, documents and nominee declaration. If required, the claim assistance team will ask you to submit other documents deemed necessary.
According to rules, a life insurer should process the claim without delay. If there are any enquiries, they should be asked within 15 days of the receipt of the claim. The insurer will have a 30-day time period, from the date of receiving all the required documents, to settle the claim or reject it. If there are any further investigations, it can take up to 90 days.
If your insurer fails to settle the claim within the specified period, he will be liable to pay the interest on the claim amount at the rate of 2% above the bank rate from the date of receipt of the necessary documents.
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