Claim Process

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 adviser 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.

Maturity Claim – On the date of maturity life insured is required to send maturity claim / discharge form and Death Claim (including rider claim) – In case of death claim or rider claim the following procedure should be followed.

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.

The claimant will be required to provide a claimant’s statement, original policy document, death certificate, police FIR and post mortem exam report (for accidental death), certificate and records from the treating doctor/hospital (for death due to illness) and advance discharge form for claim processing. Based on the sum at risk, cause of death and policy duration, insurance companies may also request some additional documents.

For faster claim processing, it is essential that the claimant submits complete documentation as early as possible. A life insurer will not be able to take a decision until all the requirements are complete. Once all relevant documents, records and forms have been submitted, the life insurer can take a decision about the claim.

As per the regulation 8 of the IRDA (Policy holder’s Interest) Regulations, 2002, 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.

In case a claim arises you should:

• Contact the respective life insurance branch office.
• Contact your insurance advisor.
• Call the respective Customer Helpline.

For Death Claim:

• Death Certificate.
• Original Policy Bond.
• Claim Forms issued by the insurer along with supporting documents.

For Accidental Disability / Critical Illness Claim:

• Copies of Medical Records, Test Reports, Discharge Summary, Admission Records of hospitals and Laboratories.
• Original Policy Bond.
• Claim Forms along with supporting documents.