Insurance Claim

It is most important for both the insured and the nominee to know the process of insurance claim settlement. One wrong step can lead to bypass for which Insurance is bought.

                                                  Thanks to Ms. Milli Sahu

CLAIM

Life Insurance is contract between the company and the insurer in which insurer aggress to pay a pre-defined sum upon the death of the insured.

Nominee the person designated to make a claim in the event of the death of the insured. This sum is claimed by the nominee of the policy.

How make claim?

In order to make a claim, the nominee needs to submit a claim form that is issued by the insurer. The nominee is also required to submit documents like the original policy papers, the death certificate of the insured and his death summary in case he died due to an illness. If death was accident, these documents need to be supported by an fir and a post –mortem report. In addition to these documents, the claimant also needs to provide an identity proof to establish that he is the nominee of the policy. The identity proof can be anything bearing the nominees photograph and signature. That makes the pan card, driving license and pass-port eligible as identity proofs. The process of claim settlement begins once the insurer verifies these documents.

It usually takes a week to 10 days to settle a claim after all the relevant documents are verified by the insurer .the insurance regulatory and development authority , the insurance regulator, has stipulated that claim should be settled within 30 days of receipt of all the relevant documents.

FORWARDING COMPLAIN
Most of complain against insurance companies are related to claim, heres how and where to approach.

Company customer care: First approach
INSURANCE OMBUDSMAN : if first step fail, see policy document in whose jurisdiction the insurance office fall and approach them
IRDA: you can approach the grievances cell

Complaints against Life Insurance Companies:
Mr. Sudipta Bhattacharya, Sr Assistant Director
Insurance Regulatory and Development Authority
Parishrama Bhawanam, 5-9-58/B, Basheerbagh, Hyderabad – 500004.
 

Ph. No.: 040-23381100 Extension-235,263 and 239
(040) 66820964/66789768 Extension –251
 

e-mail id: lifecomplaints@irda.gov.in

Or download and make a hard copy of pre-formatted form through this link
www.irdaindia.org>> grievancescell >> Complaint Registration Form (LIfe Insurance)