How to file life insurance claims in case of death on maturity?
Life is unpredictable because anything can happen in a person’s life. Hence, it is necessary to have a life insurance policy that comes with various features to ensure more protection. At the same time, buying a new policy involves several things, and customers should know about them in detail that will help get the right coverage. People should select the right life insurance plan from the markets so that they can offer the best coverage to their loved ones in case of death. Moreover, you can focus more on financial planning after choosing the right type of plan.
A policy buyer should know the complete details of a life insurance policy before investing money. This, in turn, gives ways to choose the best plan to get the maximum coverage for death. Therefore, knowing how to make death and maturity claims from various sources is wise. Not only that, a nominee will receive amounts quickly that give ways to plan everything accordingly. Since the claim process involves several steps, one should know them in detail from different sources.
Things to follow while claiming amount in the event of death
Death can happen anytime due to accidents and health illnesses that will jeopardize a family in several ways. A policyholder should include a nominee in a policy after purchasing it from an insurer. He/she can nominate anyone from his/her family to receive the amount quickly. At the same time, a nominee should follow the instructions properly when claiming amounts.
A nominee should know how to make a life insurance claim after the death of a policyholder in detail. The first step is that he/she must intimate the insurer first with the help of relatives, friends, or an insurance agent. Intimating the news to an insurer early enables a nominee to claim amounts as soon as possible. Next, an insurance company will guide a nominee to complete certain formalities involved in the claim process.
The claim intimidation will contain the details of death such as date, causes, and time of death. A nominee has to submit certain documents after receiving the intimidation from an insurer which includes
- Original policy document
- Death certificate issued by the local municipal authority
- Legal heir certificate
- ID & address proof of the nominee
- Copy of bank passbook possessed by a nominee
- A canceled cheque for bank details
If a policyholder dies due to any medical conditions, then a nominee should submit the following documents.
- Statement of a physician
- Hospital records and medical bills
- Treating hospital’s certificate
- Employer’s certificate
A nominee should submit the FIR or police investigation report and Post-mortem report for accidental death.
While claiming amounts for death, it is important to submit the documents with the right claim form. Apart from that, the documents may need attestation from gazetted officers to ensure they are genuine.
Claiming insurance amounts after maturity
The maturity claim of a life insurance policy is simple when compared to the death claim process. A policyholder should inform the insurer at least two or three months before the maturity with a discharge voucher and other details. He/she should submit the following documents when it comes to a maturity claim.
- Original policy document
- ID and address proof
- Proof of bank account details
Tips for choosing the best life insurance coverage
People who want to buy the best life cover policy should keep certain things in mind that will help meet exact needs. Furthermore, it enables a policyholder to ensure financial stability in life during emergencies. Selecting the right type of plan provides methods to get maximum coverage for death.
- Evaluating Life Insurance Goals: A policy buyer should evaluate his/her goals while choosing a policy. When a person likes to safeguard his/her family from financial troubles, then he/she can pick term insurance that offers high coverage at affordable rates. If a person wants to improve his/her wealth after retirement, then he/she should select the retirement plans. Finally, one can select a unit-linked insurance plan to meet essential needs for investment purposes.
- Coverage: Coverage is another important factor to consider when purchasing a policy from an insurer that will help get peace of mind from financial constraints. It is advisable to select the coverage at least 10 to 15 times of annual income. A policy buyer should also evaluate the income, number of dependents, outstanding debts, fixed expenses, etc.
- Duration: Duration is the next thing to consider when purchasing a life insurance plan. A person should consider his/her age when choosing a duration. Insurers offer both short-term and long-term plans for customers enabling them to select a plan based on their choices.
- Claim Settlement Ratio: While buying a life insurance policy, customers should check the claim settlement ratio with more attention. This, in turn, gives ways to make the right decision in the insurance buying process. Buying a policy from a high claim settlement ratio company allows a person to claim amounts with ease.
- Features: A policy buyer should know the features and benefits of a plan properly to help accomplish goals. Furthermore, he/she can focus more on his/her financial objectives that significantly minimize unwanted problems.
- Premium: Premium is important to keep in mind when buying an insurance policy from an insurer. At the same time, policy buyers should compare plans’ premiums online that give ways to select a plan at the best prices. Some insurance companies offer discounts on premiums when customers buy a policy online.
- Claim Process: When selecting a plan, policy buyers should understand how to claim term insurance after death and maturity. This will help a lot to receive amounts as early as possible to get peace of mind.
Conclusion:
Life insurance is an essential tool for living a protected life. However, a nominee should know how to claim amounts when an insured person passes away due to accidents and other problems. Similarly, a policyholder should gather information about the steps involved in the maturity claim process.
