Life Insurance Claim Settlement

The responsibility of life insurance claim settlement lies in the hands of insurance provider but still policy holders face numerous issues when it comes to settling the claim. So how to get your life insurance claim settled fast?

Steps

• Be Aware: Every policy holder and their family members must be aware of claim settlement process. This will help in executing the claim settlement process when the actual need arises. The procedure would become very simple provided you know the requirements well in advance. Life insurance nominee must know these things.
• Fill policy form on your own or in front of you: Never make a mistake of letting your insurance agent to fill any of your details while buying life insurance policy especially when entering details of health problems. Even a small incorrect fact entered in the form while buying the policy can create hurdle during the time of claim settlement.
• Intimation: Before filing a request for claim, application should be sent to the insurer. This helps them in initiating the settlement process. You should always keep the latest claim intimation form handy by downloading it from the website of the insurer. In case online option is not available then you will have to personally visit their office and get the form.
• Always keep claim related documents handy: All documents should be kept ready and submitted well in advance and not at the last moment because if any documents is missing then arranging the same at a very last moment can be cumbersome. Depending on the type of life insurance claim such as maturity/rider/death, documents should be submitted. Life insurance companies normally requires these documents – death certificate, age proof, policy document, and depending on the company documents might vary. So it is always recommended to be well aware of all the documents required to avoid any kind of trouble at the last moment.
• Submission of documents: IRDA has mandated to settle all the claims within 30 days of receiving the documents. Any formalities if needed by the insurer should be completed within 6 months of receiving the written intimation. If every thing goes smoothly you'll receive the money mostly via Electronic Fund Transfer (EFT) method.