Everybody buys an insurance policy to ensure financial security and protection in times when it is most needed.
A term insurance plan is bought by a person to safeguard his or her family’s future financial needs in case of an untimely death. Similarly, a pension or retirement plan is bought with the idea to get regular income even after retiring.
Parents invest in child plans to ensure that their child’s education needs, marriage needs etc are met. Unit-linked plans gained popularity because people invested huge chunks of money in order to get good returns.
Different individuals have different insurance needs and life insurance policies are bought to fulfill these varied needs. So, in order to reap the benefits of a life insurance policy, it becomes extremely important to understand the claims process.
How many types of insurance claims are there?
Maturity claim – There is a predefined period of insurance which is also known as the policy term or date of maturity. To ensure that you get the maturity amount on time, you must send the maturity claim to your life insurance company well in time before the last date.
Critical Illness Claims / Accidental Disability Claims / Waiver of premiums (Child ULIP) – In case you have an add-on cover like a critical illness rider or personal accident rider or a waiver of premiums on a child plan etc, the insurance company needs to be intimated incase of any unfortunate incident.
Death claim – In case of death of the policyholder, the beneficiary or the nominee would need to raise a death claim with the insurance company in order to get the monetary benefit.
Important points and documents required to make a claim:
- Send intimation in writing to the insurance company as soon as possible with complete policy details and a copy of the policy documents (if possible)
- Attach photocopies of documents such as a death certificate, doctor’s certificate and reports of illness or medical condition, police FIR etc
- Most important part is to educate the beneficiary or the nominee about the existence of the insurance cover along with the benefits. Keep them informed all the time and ensure that they know how to raise the claims when the need arises
Click on the respective insurance company name to visit their website and make a claim :
Canara HSBC Oriental Bank of Commerce life
DLF Pramerica life insurance
Future Generali India life insurance
ICICI Prudential life insurance
IDBI Federal life insurance
IndiaFirst life insurance
ING Vysya life insurance
Kotak Mahindra Old Mutual life insurance
LIC (life insurance Corporation of India)
Max New York life insurance
Met life India insurance company
Reliance life insurance company
Sahara life insurance
SBI life insurance
Shriram life insurance
Star Union Daiichi life insurance
Tata AIG life insurance company
