Things You Must Know About Taking Claims
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. Mrs. Sharma has to now educate herself on what she has to do in the event of a claim. This could be claiming benefit on her critical illness rider, for her son’s education funds, at the time of expiration of her policy, etc. She reads on....
What should I do when I have to make 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 so 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.
Things are finally clear to Mrs. Sharma and she is set to purchase life insurance for her future security and the security of her son. Mrs. Sharma has certainly taught all of us important lessons in our own attempt to choose the best person to offer us the best suited life insurance.
Be wise! Be prepared! Be secure!