scorecardresearchA step-by-step guide to filing life insurance claim after death of policyholder

A step-by-step guide to filing life insurance claim after death of policyholder

Updated: 26 Nov 2022, 01:46 PM IST
TL;DR.
When a policyholder passes away during the policy's term, the beneficiary is entitled to the payout. We decode the step-by-step procedure to file a death claim.
 Life insurance can offer defense against the unforeseen circumstances while you and your family save for various milestones in life.

Life insurance can offer defense against the unforeseen circumstances while you and your family save for various milestones in life.

A life insurance policy is simply a contract between a person and an insurance company, in which the firm agrees to pay a predetermined sum of money to the person's beneficiaries or family in exchange for a series of payments over time.

Life insurance can offer defense against the unforeseen circumstances while you and your family save for various milestones in life. An insurance would give your family a tax-free cash payout they may spend for anything they need in the event of your untimely death. That money may be used to pay for everyday costs, lessen financial obligations, and accomplish the objectives you've been working hard to reach together.

When a policyholder passes away during the policy's term, the beneficiary is entitled to the payout. This is known as a life insurance claim or, more commonly, a death claim. We decode the step-by-step procedure to file a death claim.

Step 1: The first stage in the claim settlement procedure is to notify the insurer of the occurrence of death.

Step 2: The next step is for the claimant to file a claim by dialing the insurer's helpline number or by sending an email to the email address assigned for this purpose.

Step 3: Following notification of the policyholder's death to the insurer, the next stage in the claim procedure is the submission of claim supporting documentation. To substantiate the death claim, the claimant or nominee must produce the papers that the insurer has requested.

Step 4: The claim assistance team will start reviewing the claim when the insurer has received all of the necessary documentation. Along with the claim, they will evaluate and verify the supporting documentation and statement of the candidate. In some circumstances, the nominee could be required to submit extra supporting documentation.

Step 5: The claims assistance team will decide whether to approve or deny the claim after reviewing the claim and any supporting documentation. If the claim is accepted, the insurer will move through with the claim settlement, which entails paying the nominee the amount covered in the manner of the policyholder's choice.

What are the documents required to file a death claim?

  • Policy documents
  • ID proof of the claimant/ beneficiary
  • Age of the policyholder
  • Death certificate
  • Claim form
  • Medical certificate

If the life insurance company discovers that the claim is false, the payout may be denied. One should not wait too long after the policyholder's passing to file a death claim and must ensure that they have all of the aforementioned paperwork. You can contact your life insurance provider to get an updated list of the documentation required to file a death claim.

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First Published: 26 Nov 2022, 01:46 PM IST