Claim Settlement Process In Insurance Company

Claim settlement is one of the most important services that an  insurance company can provide to its customers. Insurance companies  have an obligation to settle claims promptly. You will need to fill a claim  form and contact the financial advisor from whom you bought your policy.  Submit all relevant documents such as original death certificate and policy  bond to your insurer to support your claim. Most claims are settled by  issuing a cheque within 7 days from the time they receive the documents.  However, if your insurer is unable to deal with all or any part of your claim,  you will be notified in writing.
Types of claims Maturity Claim - On the date of maturity life insured is required to send   maturity claim / discharge form and original policy bond well before maturity date to enable timely settlement.  Most companies offer/issue post dated cheques and/ or make payment  through  ECS credit on the maturity date.  Death Claim (including rider claim) - In case of death claim or rider claim  the following procedure should be followed. Follow these four simple steps to file a claim: 1. Claim intimation/notification The claimant must submit the written intimation as soon as possible  to enable the insurance company to initiate the claim processing.  The claim intimation should consist of basic information such as  policy number, name of the insured, date of death, cause of death,  place of death, name of the claimant. The claimant can also get a claim intimation/notification form from  the nearest local branch office of the insurance company or their  insurance advisor/agent. Alternatively, some insurance companies  also provide the facility of downloading the form from their website. 2. Documents required for claim processing The claimant will be required to provide a claimant's statement,  original policy document, death certificate, police FIR and post  mortem exam report (for accidental death), certificate and records  from the treating doctor/hospital (for death due to illness) and  advance discharge form for claim processing. Based on the sum at  risk, cause of death and policy duration, insurance companies may  also request some additional documents.| 3. Submission of required documents for claim processing For faster claim processing, it is essential that the claimant  submits complete documentation as early as possible. A life insurer will  not be able to take a decision until all the requirements are  complete. Once all relevant documents, records and forms have  been submitted, the life insurer can take a decision about the claim. 4. Settlement of claim As per the regulation 8 of the IRDA (Policy holder's Interest) Regulations,  2002, the insurer is required to settle a claim within 30 days of receipt  of all documents including clarification sought by the insurer. However,  the insurance company can set a practice of settling the claim even earlier. If the claim requires further investigation, the insurer has to complete its procedures within six months from receiving the written intimation of claim.
Claim intimation
In case a claim arises you should:
Contact the respective life insurance branch office. Contact your insurance advisor Call the respective Customer Helpline
Claim requirements
For Death Claim: Death Certificate Original Policy Bond Claim Forms issued by the insurer along with supporting documents For Accidental Disability / Critical Illness Claim: Copies of Medical Records, Test Reports, Discharge Summary, Admission Records of hospitals and Laboratories. Original Policy Bond Claim Forms along with supporting documents For Maturity Claims: Original Policy Bond Maturity Claim Form