The settlement of a claim arises due to Death of the Policyholder or due to Maturity
of the Policy.
Maturity
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If the life insured survives to the full term, then basic sum assured is payable.
This payment by the insurer to the insured on the date of maturity is called maturity
payment. |
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In majority of the plans, full sum assured becomes payable along with Bonus as a
maturity payment, unless survivals benefits are paid earlier as in a money back
policy |
At least 2 months before maturity date, information is sent to the life assured
with a blank discharge form for signature & completion by him. It is to be returned
to the office along with -
Original Policy document
Age proof if age not already submitted
Assignment /reassignment, if any
Postdated cheques are submitted to the Life Insured on receipt of the above mentioned
requirements |
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Death Claim
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In respect of a death claim an intimation regarding death of a policyholder from
a relative / nominee / or assignee is to be received. The facts required to be submitted
are -
Date of death,
Reason and Place of Death
Full details of policies held by the Life assured should also be submitted.
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Nomination
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Can be done at the inception of the Policy by providing details of nominee in the
proposal form. However, if the nomination is not given at the beginning, the policyholder
can give it at a later date. This nomination has to be effected by giving notice
in a prescribed form to the insurer and getting it endorsed on. |