Retirement Plans

How To Make A Life Insurance Claim

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While getting life insurance is one of the most significant decisions you make in your life, knowing the process of making a life insurance claim is equally important. Being well versed of your insurance details and how to make a claim go hand in hand. Information about both these aspects of insurance makes your purchase solid and sound.

If you are undecided whether to buy insurance or not, consider the number of earning members in your family and if you are the sole supporter, it is of utmost importance that you buy an insurance policy to secure the future of your family members. If you are a first time buyer and don’t know what kind of insurance to buy, then a term plan will be the most cost efficient and hassle free way to get you started.

After getting an insurance policy there are two things that you must do –
1) Know the process of making a claim for your life insurance policy.
2) Educate your family members about the process of making a claim if they ever need to.

Here are three simple steps to understand the process of making a life insurance claim –

Step 1

Fill up the claim form. This can be downloaded from the insurer’s website or collected from the agent or the insurer’s office. The claim form will capture the following details -

  • Policy Number (A policy number is a unique identifier that attaches a policy to a specific individual)
  • Date and time of death of the policy holder
  • Cause of death
  • Name of the nominee
  • Bank account details of any other policies that were held by the policyholder
Step 2

While submitting your insurance claim form you need to attach the following supporting documents

  • Original policy papers
  • Death certificate of the policy holder (medical death summary in case of death due to an illness)
  • In case of an accidental death, you need to attach the first information report (FIR) and a post-mortem report. The nominee of the life insurance policy would also be required to submit know-your-customers (KYC) details to the insurer which is an important, globally developed step to prevent identity theft, financial fraud and money laundering.
Step 3

Keep in mind while claiming your insurance that the regulator will insist that claims be settled within 30 days of receipt of all the relevant documents by the insurance company, so be prepared in advance with the necessary documentation. If dissatisfied with the documents provided to the insurer, you can ask for clarifications or supporting evidence for the same.

In this event, a deadline of 6 months from the date of intimation of the claim is laid down for its settlement.

At IDBI Federal we provide an 8 Days Claims guarantee, whereby we pay 8% interest on death claim amount for delay beyond 8 working days. If you’re still confused about the process and need someone to take you through it, you can write to us at support@idbifederal.com.

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