How to withdraw money from Life Insurance Claims, know the complete process

May 6, 2020

New Delhi, Business Desk. Life insurance policy is very important for every family. It is financially helpful for the family when the policy holder dies. If you have a life insurance cover, then you should tell the process of his claim to your family. Learn how life insurance is claimed in this news and which documents are needed.

Claim Process: After the death of the policy holder, the dependents should send a written notice of the details like policy number, name of the insured, date of death, place and cause, etc. to the insurance company. For this, you can take the information form from your nearest branch or download it from the official website.

Documents: While submitting the claim form, submit the death certificate, age proof of the insured, policy documents, deeds of assignment etc. If a policy holder dies within three years of purchasing life insurance, some additional documents have to be submitted. These include – hospital certificate if the deceased person was hospitalized, cremation or burial certificate from the person present during the incident, employer’s certificate if the deceased person was employed, a medical attendant mentioning the details of the illness Certificate of Incorporation.

Claim Settlement: As per IRDAI rules, insurance companies should release the insurance amount within 30 days of the claim. If the insurance company needs additional scrutiny, the process of providing payment should be completed within 6 months of receipt of the claim.

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