Claim settling Process: (Life Insurance)
1) Claim by maturity/ Installment Payment: The company strives to settle maturity claims and make periodic payments, as in case of Money Back Policies, on date itself. The office which services the policy sends out an intimation regarding the payment along with the necessary discharge voucher for the execution by the assured approximately two months before the due date of such payment.
2) Death Claim:
- Ø Intimation of Death: In the event of the death of the policy holder, the claimant or the nominee should immediately intimate the branch office where the policy is serviced, the fact of such death, along with the following particulars: (a) Policy number, (b) name of the life assured, (c) Date of death and (d) claimant’s relationship with the assured.
- Ø Claim Forms: Soon after the receipt of the intimation of death, the branch office will send the necessary claim forms for completion along with instructions regarding the procedure to be followed by the claimant.
- Ø Evidence of Title: The claim is usually payable to the nominee as the case may be. However, if the deceased policy holder has not nominated or hasn’t made a suitable provision regarding the policy money by the way of will, the claim is payable to the holder of a succession certificate or some such evidence of title from a court of law.
- Ø Payment of Claim: The Company then makes payment to the rightful recipient.
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