Death Claims on life insurance are the claims made by the dependants of the Insuree, to obtain the benefit of such policy. A Life Insurance policy doesn’t reap compensation for the death of the insured on its own. It has to be claimed by the nominees mentioned in the Insurance policy.
- It can be claimed only by those who remain alive, mainly the family members of the deceased.
- The primary motive of the death claim against insurance is to provide a safeguard to the family of the deceased.
- It also ensures the adequate financial security for the family after the death of the insuree.
- Life Insurance provides a cover which undertakes to pay a certain lump sum amount to the dependants. Dependents of the insuree upon his death during the term of the policy.
- This amount has to be claimed by the family of the deceased.
Considering the trauma which the potential claimants suffer in the aftermath of the death of the insured. The process to make Death Claims has been kept simple enough.
Procedure to make the death claim on life insurance
Information about the Company
Usually, deaths under Life Insurance Policies are split into two broad categories, namely:
- Early Deaths
- When the policyholder dies within 3 years from the date of the policy.
- Non-early Deaths
- When the policyholder dies after 3 years.
In LIC, the second category takes up a smoother course where the Death claims on non-early deaths are settled within 30 days from the receipt of all the requisite documents. This is because, under the general notion, there exists a scope of cheating and fraud in cases of early deaths. Hence, to protect themselves, the insurance providers usually take a bit longer in such situations to completely ascertain the credibility of the claim.
Claim Intimation Form
This can be obtained from the website of the company. However, it is crucial for most companies that a hard copy of this form be received physically by the Insurance Provider.
Submission of requisite documents
As common sense dictates, proper documents are required for an insurance provider to process the death claim. The list of necessary documents are given below
- Policy documents (Original)
- Death Certificate
- Proof of Age of the Insured
- Medical Certificate (for proof regarding the cause of death)
- ID proof of the Beneficiary
- An executed Discharge form (signed by the Witness)
- In the case of unnatural deaths
- Copy of FIR
- Post-mortem report
- Cases of death due to illness
- Hospital records/certificate
- Cases of early death
- Cremation certificate, and
- Employer certificate
It is always safe to discuss the claim and its requirements with the insurer to be safe as it is possible that this set of required documents gets modified or updated. See? The process is quite hassled free!
Death can’t be avoided but it is possible to be smart about it. Don’t leave your families in a financial uncertainty, especially if they’re counting on you for all their expenses. Make a smart choice, get a smart life insurance and educate your family how to claim the cover when you leave for your heavenly abode.