Things you must know about making claims

The money from the claim can be received in various ways: In a lump sum, it can be used for clearance of the deceased insured’s debts. Lump sum amounts offer a lot of flexibility

January 31, 2013 10:48 IST | India Infoline News Service
It is one thing to pay for a life insurance policy to secure your long term plans. It is something entirely different to learn what is needed to claim benefits from your life insurance policy. Policyholders have to educate themselves on what they have to do in the event of a claim. Reads on to know more about what should you do when you have to lodge a claim?

First call your insurance agent to fill up the required form. Always keep your policy with you when you are entering details to file the claim.

In case of the death of the insured, certified copy of the death certificate should be available. It should be submitted with the claim form and other documents listed in the policy document.

Once the claim has been submitted, provide all the relevant documents / information as sought by the insurance company. This will help in faster settlement of the claim.

The claim settlement can be received in a various number of ways. This depends on the type of life insurance policy taken by life assured. The insurance agent will assist in the claim settlement as instructed by the beneficiary or insured.

The monetary amount from the claim can be received in various ways: In a lump sum, it can be used immediately for clearance of the deceased insured’s debts, etc. Lump sum amounts offer a lot of flexibility.

The claim can be received in instalments, which may be the agreement in the contract. Here regular amounts will be given to the beneficiary by the insurance company at prefixed intervals. The insured or beneficiary may put that money back into another insurance policy.

Hope things are finally clear to you about your life insurance which you have bought for the security of yourself and your family.

Did you know
A death claim can be rejected if the insurance company notices any concealment or misrepresentation of facts done at the time of buying the policy.

Article contributed by Max Life Insurance.

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