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Documents Required for Buying a Life Insurance Policy:
Following are the documents you will require to purchase a life insurance policy:
Age Proof (Driving License / PAN Card / Passport / SSC Certificate)
Proof of Residence (Passport / Telephone Bill / Electricity Bill / Ration Card / Water Bill / Voter ID)
Identity Proof (Ration Card / Voter ID / PAN Card / Passport / Driving License)
Proof of Income (Pension Pass Book / Income Tax Returns / Form 16 / Salary Slip)
How to Claim Life Insurance?
Life insurance claims are made under two circumstances:
Death of the life insured
Maturity of the life insurance policy
Life insurance Claims in Case of Death:
Here, nominees or close relatives of the deceased makes the claim (or assignees if the policy has been assigned) in the following way:
Inform the insurer as soon as possible with details such as time of death, place of death and cause of death.
Submit certain documents and proofs to the insurer. This will include:
The death certificate of the deceased person along with the claim form as provided by the company.
The policy in its original form as this is a legal document and proof of an insurance agreement that covered the life of the deceased.
Discharge form which has to be signed with witnesses.
If the policy was assigned, the assignee will have to provide the deed.
If a claim is made by someone other than the nominee or assignee, the person making the claim will have to submit legal proof of his/her title.
If required, post-mortem reports and hospital and attending doctor’s reports will also have to be submitted.
In cases involving police inquiries, an inquest report will have to be submitted.
While these outline the standard set of documents required to process a claim, other evidence may be required such as an employer’s certificate or any other forms or reports that will help resolve any issues thrown up during an insurer’s claim verification or investigative processes.
Rules for Beneficiaries Claiming Life Insurance:
When a policyholder’s beneficiary or nominee is claiming life insurance, he or she will be required to follow certain simple rules. The nominee will have to file a death claim in order to procure the death benefit. If you have a physical insurance policy, you can take a claim intimation or a notification form from your life insurance provider. If you have an online policy, you can apply for a form online.
Your claim intimation will need to comprise elements such as policy number, name of the policyholder, place of death, name of the insured, name of the claimant, etc.
The nominee will first have to fill a few death claim forms and also provide some proof of death. Once the form is filed with the life insurance company, then it is established that the company has got a death claim.
Next, the nominee will need to assemble all the appropriate documents that serve as proofs.
Then, the nominee will need to furnish these documents to the company for the claim settlement process.
Once the forms and documents are submitted, the company will verify everything and then make a decision if the claim should be settled or not.