CLAIMS HANDLING PROCEDURE MANAGEMENT IN LIFE INSURANCE

TYPES OF CLAIMS 1.MATURITY CLAIMS 2.DEATH CLAIMS

WHAT IS MATURITY CLAIM POLICY MONEY BECOMES PAYABLE AFTER THE EXPIRY OF THE TERM PERIOD OF THE POLICY.

REQUIREMENTS FOR MATURITY CLAIMS 1. DOCUMENTERY PROOF OF AGE ADMISSION IF NOT PROVIDED PREVIOUSLY 2. ORIGINAL POLICY DOCUMENT 3. DUPLICATE POLICY DOCUMENT IF THE ORIGINAL POLICY IS LOST 4. DISCHARGE FORM DULY SIGNED & WITNESSED BY THE POLICY HOLDER /ASSIGNEE 5. BANK ACCOUNT DETAILS FOR NEFT TRANSFER

DEATH CLAIMS POLICY AMOUNT IS PAYABLE IN THE EVENT DEATH DURING THE POLICY YEAR. NATURAL DEATH. ACCIDENTAL DEATH. SUICIDE

REQUIREMNETS FOR DEATH CLAIMS 1.DEATH INTIMATION FROM THE NOMINEE OR RELATIVES. 2.ORIGINAL DEATH CERTIFICATE. 3.ORIGINAL POLICY DOCUMENT/DUBLICATE ONE., 4.CLAIM FORM FROM THE NOMINEE 5.FIR – ACCIDENTAL DEATH. 6.POLICE INFORMATION REPORT. 7.NOMINEE BANK DETAILS.,

TYPE OF DEATH CLAIMS 1.EARLY CLAIMS/PREMATURE CLAIMS 2.ORDINARY CLAIMS/NON-EARLY CLAIMS

WHAT IS EARLY CLAIMS CLAIMS ARISING WITHIN 2YEARS OF THE DATE OF ISSUANCE OF POLICY/DATE OF RISK. CLAIMS ARISING WITHIN 2 YEARS OF REVIVAL OR RE- INSTATEMENT OF THE POLICY ON THE BASIS OF EVIDENCE OF HEALTH.

EARLY CLAIM INVESTIGATION CLAIM INVESTIGATION DONE ONLY FOR EARLY CLAIMS. TO FIND OUT THE BONAFIDE OF THE CLAIM. CAUSE OF DEATH PERIOD OF DEATH. TO CHECK WITH LOCAL DOCTOR/MEDICAL OFFICER-CAUSE OF DEATH EMPLOYER LEAVE RECORDS- TO CHECK THE HEALTH CONDITION. CHECK WITH NEIGHBOURS & COLLEAGUES. TO FIND OUT SUPRESSION OF MATERIAL FACTS.

SUICIDE CLAIMS SUICIDE CLAUSE : IN CASE OF DEATH DUE TO SUICIDE WITHIN 12 MONTHS OF THE POLICY ISSUE THIS CLAUSE WILL APPLY. CLAIM WILL NOT BE PAID IF ITS COMES UNDER THIS CLAUSE.

WHAT IS CLAIM UNDERWRITING TO CHECK THE GENEUINESS OF THE CLAIM. CONFIRMATION OF THE CAUSE OF CLAIM. NO INDICATION OF SUPPERSSION OF MATERIAL FACTS. WRONG INFORMATION AT THE TIME OF TAKING POLICY. POLICY UNDERWRITING HAS BEEN DONE PROPERLY. SUSPICION OF MORAL HAZARD.,

PRESUMPTION OF DEATH-MISSING PERSON UNDER SECTION 108 OF INDIAN EVIDENCE ACT 1872,A PERSON WHO HAS DISAPPEARD IS PRESUMED TO BE DEAD ONLY IF HE HAS NOT BEEN HEARD OF FOR 7 YEARS.

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