Formalities for a death claim
When a person with a life insurance policy – called a life assured –
dies, a claim intimation should be sent to the insurance company as
early as possible. The assignee or nominee under the policy can do this.
So can any close relative or the agent who handles the policy.
The claim intimation should contain information like the date, place
and cause of death. The insurance agent has the duty to help the life
assured’s family/ assignee to deal with the insurance company to fulfil
the formalities for a claim.
The insurance company will respond to this intimation and will ask for the following documents:
- Filled-up claim form (provided by the insurance company)
- Certificate of death
- Policy document
- Deeds of assignments/ re-assignments if any
- Legal evidence of title, if the policy is not assigned or nominated
- Form of discharge executed and witnessed
Other documents such as medical attendant's certificate, hospital
certificate, employer's certificate, police inquest report, post mortem
report etc could be called for, as applicable.
Formalities for a maturity claim
Where a life insurance policy is maturing, the insurance company will
usually send intimation to the policyholder along with a discharge
voucher at least two to three months in advance of the date of maturity
giving details like the maturity amount payable.
The policyholder has to sign the discharge voucher – which is like a
receipt – have his signature witnessed and send it back to the insurance
company along with the original policy bond to enable it to make the
payment.
If the policy has been assigned in favour of any other person or entity –
like a housing loan company – the claim amount will be paid only to the
assignee who will give the discharge.
