The money from the claim can be received in various ways: In a lump sum, it can be used for clearance of the deceased insured’s debts. Lump sum amounts offer a lot of flexibility
It is one thing to pay for a life insurance policy to secure your long term plans. It is something entirely different to learn what is needed to claim benefits from your life insurance policy. Policyholders have to educate themselves on what they have to do in the event of a claim. Reads on to know more about what should you do when you have to lodge a claim?
First call your insurance agent to fill up the required form. Always keep your policy with you when you are entering details to file the claim.
In case of the death of the insured, certified copy of the death certificate should be available. It should be submitted with the claim form and other documents listed in the policy document.
Once the claim has been submitted, provide all the relevant documents / information as sought by the insurance company. This will help in faster settlement of the claim.
The claim settlement can be received in a various number of ways. This depends on the type of life insurance policy taken by life assured. The insurance agent will assist in the claim settlement as instructed by the beneficiary or insured.
The monetary amount from the claim can be received in various ways: In a lump sum, it can be used immediately for clearance of the deceased insured’s debts, etc. Lump sum amounts offer a lot of flexibility.
The claim can be received in instalments, which may be the agreement in the contract. Here regular amounts will be given to the beneficiary by the insurance company at prefixed intervals. The insured or beneficiary may put that money back into another insurance policy.
Hope things are finally clear to you about your life insurance which you have bought for the security of yourself and your family.
Did you know
A death claim can be rejected if the insurance company notices any concealment or misrepresentation of facts done at the time of buying the policy.
Article contributed by Max Life Insurance.
How to file vehicle insurance claims
Medical allowance vs medical reimbursement
Disclaimer: Any content, views, opinions and/or responses on any of the pages of www.indiainfoline.com, expressed or submitted by the creators, contributors, sponsors or advertisers, other than the content provided by IIFL, are solely the views, opinions and responsibility of the person submitting them and do not necessarily reflect the opinions of IIFL. IIFL does not warrant the accuracy, completeness or usefulness of the information. Nothing contained in or provided through this page is intended to constitute advice or solicitation for any investment/financial products or services, neither does it constitute an offer for the purchase or sale of any financial instrument or confirmation of any transaction.
IIFL does not hold any responsibility for the consequences of any action or omission thereof based on any information related to investment/financial products or services that may be available on /through this page. Any reliance you place on such information is strictly at your own risk. We may include links to other web pages, but these links are not an endorsement of those pages, products or services. IIFL is not responsible for the content of any web site by other operators. Under no circumstances will IIFL be responsible or liable in any way for any content, including but not limited to, any errors or omissions in the content, or for any injury, death, loss or damage of any kind by any person as a result of any content communicated whether by IIFL or a third party. In no event shall IIFL be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits arising out of or in connection with the availability, use or performance of any information communicated on this page.