|Author: Kailash Kumar 29 Nov 2015 Member Level: Platinum Points : 3 (Rs 3) Voting Score: 0|
Since name of the insurance company is not given, it is presumed that the author is talking about LIC products. Normally all such details are nowadays available on the websites of the insurance companies and key details are printed on the policy document itself. The different products are designed for different kind of benefits. It is possible to submit requisite details online and upload necessary documents depending upon the company and the insurance products and receive the claim amount directly into the bank account credited through net banking. Generally in such cases KYC documents like ID proof and address proof and one zero amount check is required to be uploaded besides policy details.
|Author: Partha Kansabanik 29 Nov 2015 Member Level: Diamond Points : 3 (Rs 3) Voting Score: 0|
All relevant information would be available in the website of the insurance company. It is not clear whether the amount is a claim after the death of the insurer, or not. If this is a claim after the death of the insurer, death certificate, policy papers in original and identification document of the nominee are definitely required to be submitted along with filled-up claims form. The form is required to be submitted within a time-period, the details of which can be checked from the company's website.
If this is settlement after completion of policy period, the insurer must submit the policy document in original.
|Author: Venkiteswaran. 30 Nov 2015 Member Level: Diamond Points : 6 (Rs 6) Voting Score: 0|
I give the general procedure with LIC of India.
If the policy has run its full term,( survival benefit) then LIC would have sent an intimation well I advance to the address in their records. They also send SMS to the mobile phone number available in their records.
In case due to some reason the maturity notice is not received, then the policy holder may approach claim settlement department of the LIC office where the policy is serviced, taking the original policy.
The LIC office will give a discharge form which has to be filled up with needed details. The details of bank account( a/c no, bank name and address, IFSC code, category of the account etc) are to be given to which the amount will be credited. If the same is not given already and available in LIC records, then a cancelled cheque leaf of the account with the name of the policy holder printed on it should be given as proof. The discharge form is to be signed on revenue stamp and witnessed.
If going to the policy servicing office is not near or not possible, then one can go to the nearest LIC office and get the needed format and do needful.Policy holder can also send the documents and details as explained above by registered post to the concerned LIC office.
Depending on the policy terms and conditions one may get the assured value plus bonus if any minus amount already received as money back. For annuity policies, one has to apply before the date of annuity vesting and has to exercise his choice of receiving lump sum or annuity. Any latest unpaid premium may be adjusted from the amount payable.
If the policy is assigned to someone, it is the assignee who gets the money on discharging as said above.
Policy holder or assignee can claim money before the maturity date(surrender) if the policy specifies surrender value benefits after a certain minimum period as given in the policy. The amount then depends on calculations based on period run,the premia remitted and bonus vested if any, subject to the minimum forfeiture amount. Surrender will be disadvantageous always especially at the early stages.
For the unfortunate situation of claim by nominee, the claimant has to go to the LIC office and comply formalities including identity proof.. It is also advisable to contacting the LIC agent or local LIC office and know details to avoid confusions and delay.
|Author: Tara 25 Dec 2015 Member Level: Silver Points : 4 (Rs 4) Voting Score: 0|
Claiming Insurance amount is as good as procedure laid down for bank deposits with certain changes. The details of claim would have been mentioned on the back of the policy itself wherein the conditions of the policy would have been printed. If the policyholder has left behind legal heirs, then it becomes a claim and as per insurance company's procedures relevant claim forms should be obtained and after filling it and attested by the witnesses as per the requirement it should be handed over to the insurance company along with death certificate of the insurer. There may be some limits in the insurance company regarding the claim amount. Basing on that necessary claim forms have to be submitted. If there is a nominee for the policy, then it would be little easy to get the amount.