Life Insurance

What Documents Do You Need To Claim Life Insurance?

by SMCIB on Wednesday, 26 April 2023

What Documents Do You Need To Claim Life Insurance?

Let's say a company is hiring for an important position and you have applied for the same. To ensure that you are qualified and capable of performing the required duties, the company requires you to submit several documents during the hiring process including your CV, educational certificates and transcripts, previous experience documents, etc. Analysing such documents helps the company to know if you are suitable for the job or not.

Similarly, certain documents are necessary to claim life insurance because they serve as proof that the claim is valid. The purpose of this is to ensure that the information you provide is accurate and that the right party receives financial benefits from it.

So, what documents do you need to claim life insurance? Let’s find out - in this article.
 

 What is Life Insurance?

Life insurance is primarily designed to provide financial protection and support to your loved ones in the event of your untimely death. It is a signed agreement between you and the insurance company wherein the insurance company promises to protect your family financially, in the event of your passing away when the life insurance policy is active, in return for timely premium payments. With the claim amount, your family can cover goals such as outstanding debts, living expenses, monthly bills, etc.

Life insurance can also be used by you to build wealth and achieve financial goals such as retirement, children’s education and wedding, etc.
 

Which Documents Are Needed to Claim Life Insurance?

Life insurance can be claimed in two situations and the documents needed for both differ from one another. Let’s have a look.
 

1️⃣ Death Claim

Death claims are the most common form of claims made under life insurance policies. It is the amount paid out to your designated nominee in case you pass away during the policy period. To receive the death benefit, your nominee needs to file a claim. Remember, the amount of the death benefit is determined by the terms and conditions associated with the type of policy purchased.
 

? Documents to file Death Claim

Mandatory document requirements

  • Claim Statement Form
  • Death Certificate (Self-Attested Copy)
  • KYC document of the beneficiary (Self Attested Copy)
  • Bank details of the beneficiary
     

Additional document requirements for claims within 3 years

  • Original Policy Document
  • Medical Attendant’s Certificate (if any)
  • Self-attested copies of Hospital or Treatment Records (if any)
  • Employer’s Certificate (if applicable)
     

Additional document requirements for claim because of accidental/unnatural death

  • FIR and Final Police Closure Report
  • Driving Licence (in case of death while driving)
  • Post Mortem Report
  • Valid insurance document of the vehicle (in case of death due to a road traffic accident)
  • Police Inquest Report / Inquest Panchnama
  • Newspaper Cutting (if any)
     

Note: This list of documents can vary across insurers. Please check with your insurer before you buy the plan.

 

2️⃣ Maturity Claim

When you purchase a life insurance policy, what you basically do is pay the insurance company to cover you for a specific time period. This is known as the ‘policy term’. If you outlive the policy term, you get a maturity benefit from your insurance company. You have to duly pay your premiums to keep the policy active and receive this benefit,

Plans such as endowment plans, money-back plans, whole-life plans, etc. offer you maturity benefits. And based on the type of policy chosen, you will receive the maturity amount from your insurer. This money can be used to settle financial goals such as funding children’s education or their wedding, planning for your retirement, repaying debts, etc.

Note: Regular term insurance plans do not offer a maturity benefit. So, if you purchase a regular term insurance plan and survive the policy term, you will not receive anything.
 

? Documents to file Maturity Claim

  • Photo ID Proof of the policyholder
  • Original Policy Document
  • Duly filled claim form or policy payout form in the prescribed format
  • Bank account details
     

Note: This list of documents can vary across insurers. Please check with your insurer before you buy the plan.
 

A Few Things to Keep in Mind!

Filing a claim can literally be called the most important step of your or your nominee’s insurance journey. To make sure it happens seamlessly without any disputes, here are a few important points that you should be aware of -

?The list of documents needed to file a death claim or a maturity claim in a life insurance policy can vary depending on the insurance company and are at the insurer's discretion. So, it is advisable to ask your insurer about the same before investing in the plan.

?Once you get the document list, secure them in a safe place. You can do that by creating an account on the Digilocker app or an e-insurance account. Furthermore, share the account details with your family members so that they can access it in times of need.

?Make sure your nominee is also aware of all the documents needed to file a claim. You won’t be there to help them out with the process (in case of a death claim), so it’s best to keep them well-informed about the steps and the documents list.

 

Conclusion

The purpose of life insurance is to provide you and your family with financial protection. Therefore, it is wise to ensure that all the relevant documents are properly stored to guarantee that life insurance coverage can be successfully claimed.

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