Settling claims is the time when an insurance company is judged by its customers. It is the time when the insurer fulfills the promises made to the insured at the time of selling the policy. When it comes to life insurance policies, claims can arise in three situations, i.e. death of policyholder (death claim), completion of policy term (maturity claim), and a claim on riders. Let's have a look at each of these situations and find out ways to ensure smooth settlement for each of them.
Death Claim
This is a critical and important type of claim for any insurance company given the fact that the claim is made in an extremely traumatic condition by the family of the deceased and requires faster settlement. Here are a few things which you can do to ensure that the claim process is hassle-free for your family in the unfortunate event of your passing away.
The first thing that any policyholder should do is to pay the renewal premiums within the due dates, so that the policy does not lapse. It is also important to check that the nomination is effective at all times of the policy so mention details like name, date of birth etc., which should be in line with the KYC details of the nominee. In case the nominee has passed away before the policyholder, you should revise the nomination details immediately in the policy with a new nominee.
One should always share his/her insurance details with the family so that in the event of an unfortunate situation, they are aware and can make the benefit of the insurance policy. Additionally, it is equally critical at the proposal stage to disclose all the details such as health status, occupation, habits, physical disabilities, other insurance policy details, etc., while applying for a policy so that there is no conflict at the time of claim on the terms of non-disclosure.
Another important tip to ensure quick and safer claim settlement is to opt for electronic payment. Electronic payment option will reduce your hassle to run to the office to collect a cheque.
Maturity Claim
In case of maturity claims, the insurer intimates the policyholder, generally 3-4 months prior to the date of maturity. The policyholder is required to sign the discharge form, along with the original policy bond and KYC requirements for affecting the claim proceeds.
A policyholder should preserve the policy bond carefully so that it can be returned to the insurance company at the time of maturity claim. In case the policy bond has been misplaced or lost at any point of time during the policy term, the insured should apply for a duplicate policy so that claim process is not delayed. It must also be ensured that the mailing address and contact details are updated with the insurer, as and when there is a change.
Also, make sure to submit all the documents well in advance for enabling the insurance company to make payments of due date of maturity.
Claims on Riders
The third situation where claims can arise is when the customer has opted for any riders like disability rider or critical illness rider and an unfortunate event has occurred. Generally, the policy schedule contains the full description of conditions covered under the rider. The customer should review these provisions and get in touch with the company, in case of any clarifications.
In case of a health rider, the insurer may require hospitalization documents. So, the customer should get details including relevant case sheets / test reports for assessment of the claim, from the hospital at the discharge stage itself.
In case of accidental disability or accidental death rider, the normal legal process of filing a complaint with the police is necessary.
Tips for faster settlement of claims
-- Do not sign blank proposal forms, and always have a copy of the completed proposal form with you. Additionally, check if you have received a copy of the completed proposal form along with the policy bond.
-- Disclose all information on health status at the time of applying for the policy.
-- Provide all claim documents at one go to ensure speedy settlement of the claim. At the same time, ensure the authenticity of the documents too.
-- Submit your claim documents within 180 days of the death of the life assured. However, in legal parlance, all claims need to be lodged within 3 years. After three years, the policyholder cannot sue the insurer for not paying the claim.
-- Provide complete bank account details such as account number, name, and all other relevant details, in order to enable NEFT transfer of claim amount.
-- Be sure to mention the nominee(s) in your policy and inform your family members about the policy.
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