Insurance is one of the most important parts of our lives as our life is full of uncertainties and different risks. Our life, business, family, vehicles everything is exposed to some amount of risks, and we need to have a cover so that minimum loss occurs in case of any unwanted even. The future is not in our hands, and we cannot stop anything from happening, but we can have protections to minimize the amount of loss from those events. There are various ways to cover risks, but the most useful and accessible method is buying an insurance policy. Insurance is a type of contract in which the insurer gives protections to the policyholder by compensating him in case he suffers from any loss that is covered in the insurance policy.
The policyholder has to pay a specific amount as a premium regularly, and if he suffers from any loss while the policy is active, he will be liable to get a claim form the insurance company. There are various types of insurance policies; you must consider all important factors while purchasing a policy. Buying the cheapest life insurance is not always good as it may not cover some important risks and losses. Death of a loved one is devastating and disturbs you a lot, but the show must go on, and you cannot ignore other important things. You need to file a claim for his death if he had an insurance policy; it is a tedious process, but you need to stay strong and get the claim to avoid facing any financial burden.
Surprisingly easy steps to apply for an insurance claim after death
File a claim
The first thing you need to do is filling an application to get a claim on the death of the insurance policyholder. First, you need to contact the insurance company and make it aware of the death of the assured. You must inform them as soon as possible as making any delay can cause some problems in getting the claim accepted. There are various ways to contact the insurance company and from them, but the most common and easiest way is using their toll-free number because you might have to give some details to them. So, talking over the phone is better as there are fewer chances of making any mistake.
Processing the claim
Once you have informed the insurance company about the death of the insured, next, you have to initiate the process of claim. To begin the claiming procedure, you first need to give valid and authorized documents to prove that the assured person is dead such as death certificate, etc. Once the insurance company receives the documents, it will examine them and hand it over to their claim assistance team. This team handles all the issues and problems related to insurance claims. They will check your documents, verify them, check the declaration of the nominee, and they may also ask you for some other documents, too, if needed. Some of the essential documents required to get an insurance claim are;
- Death certificate
- Original ID proof of the nominee
- A proof for the age of the insurer
- All the documents related to the insurance policy
- The post mortem report
- Police FIR
- Hospital reports in case the person died with any illness or disease.
- You must have all these documents ready to avoid facing any delay or hassle in getting the insurance claim
Acceptance and payment
It is the last stage of the claim in the procedure as in this step; you will get the payment once your claim is accepted. After getting through the claim assistance team, your claim accepted after accessing all your documents and details. After acceptance, it will pay you the amount of claim, and for paying the claim, they may ask you from some more information and documents such as bank details, a canceled cheque, a copy of your bank passbook.
Some of the crucial documents that are needed to be submitted to get a claim!
In case the insurance policyholder dies due to a natural cause
- All the documents related to the life insurance policy
- The claim form correctly filled and signed by the needed persons such as nominees, etc.
- Original or a copy of the Death certificate of the policyholder.
In case the insurance policyholder died due to nay accident
- A certificate from the doctor in charge.
- Report of post mortem
- Employment certification
- All medical test reports
- FIR lodged with the police
- The investigation report from the police
Distribution of the claim
Once the insurance company accepts your claim, you have the freedom to decide how you want to get the amount of claim. There are various ways to gets the proceeds, and you can choose any one of them that fits perfectly with your needs and requirements. Some of the most popular payment options are
- Lump-sum – It is a great way to avoid the hassles of getting the claim regularly as, in this, the nominee receives the whole amount of the claim together. After this, he will get no insurance benefits, and the insurer not liable to pay anymore.
- Special income system– Under this system, you will pay a predetermined amount at regular intervals.
- Life income- It is the best way to secure your life and have a source of income for your whole life. The insurance company will give some amount of the claim as an income for your entire life.
