Life Insurance Claim Process: The ongoing pandemic has destroyed thousands of families across the country.
Life Insurance Claim Process: The ongoing pandemic has destroyed thousands of families across the country. Several people have also lost their lives in the recent cyclones. The financial burden of unexpected deaths has become unbearable for many. Amid financial chaos and the pandemic, life insurance can provide some respite to families who have lost their earning members. However, not many are aware of the exact processes to be followed for making a life insurance claim after the death of the insured. FE Online talked to some insurance sector experts to get clear details on this. Take a look:
Sachin Dutta, Chief Operating Officer, Canara HSBC Oriental Bank of Commerce Life Insurance, said the current year and the year that has gone by have been particularly difficult with the pandemic as also the many natural calamities that hit our country.
Dutta said Canara HSBC OBC Life Insurance works on the principle of standing by the promises and expeditious settlement of genuine claims to ensure adequate support to claimants/nominees/beneficiaries in the unfortunate event of loss of life. The Company has institutionalized a simplified claim settlement process and has also set up a Special Claims Helpdesk to expedite the claim settlement process in the wake of client impacted due to cyclones.
He further said that as part of our simplified claim settlement process, there are only the documents required from a claimant to expedite settlement. To make it even simpler for the claimant, the Company extends flexibility to submit these documents digitally or physically. These documents are:
- Death Certificate issued by the Municipal Authorities or Designated District Officials of the State Government OR List published by State Government or Municipal Authority or any authority recognized by State/Central Government confirming death due to cyclone Claim Intimation Form (available for download on the Company’s website)/Claimant Statement (with bank passbook copy or canceled cheque of nominee/Beneficiary)
- Photo ID proof of Nominee/Beneficiary
- The Nominee/Beneficiary can directly contact our nodal officers (list available on Company’s website) for any assistance or support for the settlement of the claim.
The entire Simplified Process of Claim Settlement is also prominently displayed on the Company’s website for ease of reference of the claimants, said Dutta.
Casparus Kromhout, MD & CEO, Shriram Life Insurance, shared the following tips for claiming life insurance after a disaster:
1. One should call and inform the agent as early as possible.
2. Simultaneously one should approach the toll-free/customer service and information about the contingency.
3. Apply for a Death certificate immediately with the competent authorities.
4. Collect all required medical documents confirming the actual cause of death.
5. Keep all KYC handy.
6. Download and fill all required claim forms.
Documents required for smooth claim settlement
1. Completed Claim Forms and Questionnaires
2. Copy of death certificate issued by the local competent authority
3. Copy of valid Medical Cause of Death
4. KYC of the Nominee/Claimant/Legal Heir
5. FIR/Post Mortem Report/Final Police Report (in case of unnatural deaths)
6. Bank Details of the Nominee/Claimant/Legal Heir.
PNB MetLife representatives said they have a dedicated helpdesk (email – email@example.com) and simplified claims process to support Tauktae and Yaas cyclone-related claims. Families can submit their claims online at any PNB MetLife branch or at one of our partner bank branches. More information is available on the website and social media handles.
To ease their burden, we have simplified our process by minimizing the required documentation. Claimants simply need to complete the claim form with basic information about the deceased. Such details include policy details, death certificate of the deceased life assured by a local authority, Government-authorized identity proof of the nominee of the policy, and the bank details of the nominee.