The demise of a loved one or a family member or a friend is so disheartening. Every household has seen death and we all know that we are mere mortals. Life Insurance covers the risk of income loss to the insured members’ family in the event of his demise.
The nominee then has to carry out certain procedures to collect the insurance claim. In case you know an insured person who just died or a nominee, you can help the nominee claim life insurance. For that, these steps will have to be followed. Get Personalized Advice On Life Insurance From Kuber Mindz or Give A Miss Call On 022-62116588
1. Notify the agent
Do not keep the agent in the dark or think about informing him/her later. He should be told about the death of the insured person instantly. This is because it’s the agents’ responsibility to aid the bereaved family with the claim procedure by arranging the policy details and documentations. If he/she isn’t aware of this, how will he/she be in a position to help? Insurance Online Financial Planner Advisory Kuber Mindz
2. Intimate the company about the claim
The nominee must intimate the insurance company about the insured individual’s demise at the earliest. The claim intimation comprises of details like date of death, location of death and cause of death. The company has to know about the dead person so as to give the insurance amount to the nominee. Free Online Financial Planner India
3. Fill up the form and submit the documents
When the insurance company is notified about the insured individuals demise, it records the same and asks the claimants to fill up a death claim form and submit it along with documents like the following:-
1. Death certificate
2. Policy document (original)
3. Deed of assignments
4. Discharge form
In the absence of specified nomination, the claimant has to attach evidence that he/she is legally entitled to claim the amount.
4. Finalize the proceeding
Verification of the claim will be done by the insurance company and additional documents might be asked. The insurer will notify the claimant about the death claim amount and offer him/her the same, when convinced that the claim is bonafide.
Despite not being the nominee, any relative of the deceased insured person can make claim intimation. If it is a Unit Linked Insurance Plan, the death claim corresponds to either the sum assured or the fund value, based on which one is higher.
For more information visit www.moneymindz.com or give a missed call to 022-62116588