Death Claim

In the event of the death of the life assured, the claimant (the nominee, assignee or next of kin) should immediately intimate the fact of such death to the Branch Office where the policy is serviced to help the Corporation to consider the claim promptly.

The claim is usually payable to the nominee/ assignee or the legal successor, as the case may be. However, if the deceased policyholder has not nominated/ assigned the policy or if he/ she has not made the will regarding the policy moneys, the claim is payable to the holder of a Succession Certificate or some such evidence of title from a Court of Law. If the life assured dies during the term of the policy, death claim arises.

• The death of the policyholder should be immediately intimated in writing to the Branch Office where the policy is serviced along with the following particulars:

1. The No./s of the policy/ies
2. The name of the policyholder
3. Death Certificate issued by concerned Authority
4. The date of death
5. The cause of death and
6. Claimant’s relationship with the deceased

• On receipt of the intimation of death, necessary claim forms are sent by the Branch Office for completion along with instructions regarding the procedure to be followed by the claimant.
• The claims which have arisen after a period of three years are treated as non-early claims and settled within 30 days from the date of receipt of all requirements.
• The claims that have arisen within a period of two years from the date of commencement of the policy, are treated as early claims and investigation is compulsory in such cases.
• The claim is usually payable to the nominee/assignee or the legal heirs, as the case may be. However, if the deceased policyholder has not nominated/assigned the policy or if he/she has not made a suitable provision regarding the policy moneys by way of a Will, the claim is payable to the holder of a Succession Certificate or some such evidence of title from a Court of Law.
• The Corporation grants claims concessions under certain Plans whereby payment of full sum assured is made, subject to the deduction of unpaid premiums with interest till the date of death and unpaid premiums falling due before the next anniversary of the policy, in the event of the death of the life assured within a period of six months or one year from the date of the first unpaid premium, provided premiums have been paid for at least three years and five years respectively.