Life insurance is sold and purchased only on the basis of promises made by insurance companies. It is true that the death of a dear one in does take its toll on a family. However, financial security during crises can help a family deal with the aftermath of an event as serious as death of the breadwinner of the family. So, purchase a life insurance plan that best fits your’s and the family’s requirements and educate your family on how the claim process works. Well! The last part might sound difficult, but it is essential.
Below are some tips you must follow to ensure smooth and speedy life insurance claim settlement:
1. Keep the policy documents handy with you.
2. Inform the insurance company by calling the contact centre or walk into the nearest branch or submit your claim form online. Get in touch with the company’s representative or agent at least once so that you iron out areas of ambiguity, if any.
3. Get copies of all the necessary documents, including claimant’s statement, original policy documents, and death certificate. In case of accidental death, the nominee has to submit FIR report and postmortem report along with these documents. The insurance company may ask for some other documents based on the cause of death. So, talk to the agent and ensure you have all the necessary documents, as most delays usually stem from discrepancy in documents submitted
4. As a beneficiary, submit your proof of identity and other proofs.
5. Submit all necessary documents for successful claim settlement to the insurer within the claim intimation period.
6. After submission of all necessary documents, the insurer starts the process of evaluation and conducts an external investigation to check the veracity of the life insurance claim.
7. Generally, the claim is settled faster if the claimant submits all documents on time.
8. The majority of insurers settle all life insurance claims within a month of completion of the requirements. In case further investigation is needed, insurance companies complete the process in around six months of the written intimation of the claim.
Each insurer follows its own set of rules; some have an online claim facility while others might require hard copy claim submission. So, follow the claim instructions carefully while purchasing the policy and ask as many questions as you can to the agent. As they say, never die wondering. Doing the right thing at the right time is essential. Life Insurance is a highly critical decision in your life; so, give it the time it requires. Examine all areas and ensure that you most of the required ones covered. Also, last but not the least, pay your premiums on time.
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