Ch. 11: How To Claim Or Redeem the Child Plan?

As a parent, you always want to give the best to your children. And that’s why you invest in a Child Plan. It assists your children in getting monetary help during the journey of fulfilling their dreams. Now, you have paid your premiums and have done everything required of you to keep the policy running. But what do you do when you need to make a claim? How do you and your nominee figure that process out?

Filing a claim for an insurance policy can be quite a tedious task, especially if you aren’t around. It is advisable to inform your family about the policy and take them through it in detail so they’re aware of how it works and other nitty gritty details. Both you and your family should be aware of the claims process to avoid any hassle or last minute flurry, which is why we’ve compiled the steps you need to follow and documents you’ll need while filing a child insurance plan claim.

Child Plans are redeemed in two scenarios

• when the policyholder passes away
• when the policyholder survives the policy term

Let’s now quickly take you through both the processes, step by step.

In case of death of the policyholder -

Step 1: Notification

• The very first step in any claim process is to inform the insurance company about the claim, in case of any situation where you need to redeem the claim amount.
• This can be done by:
  Sending the [claim documents] (https://lifeinsurance.adityabirlacapital.com/insurance-dictionary/c/claim-documents/) to the insurer’s address
  Sending an email/SMS to the insurer
  Visiting the insurer’s website
  Visiting the branch of the insurance company.

Step 2: Submission of Documents

Submit the claim form, and all the necessary documents and details pertaining to the claim, to the insurance company.

Points to remember:

• Also, always keep a scanned copy of the entire document set with you.
• As soon as you submit all the mandatory claim documents, the insurance company will proceed with the claim intimation request.

Step 3: Requesting additional documents

Any other relevant information or document may be requested by the insurance company, which needs to be submitted within 90 days of the date of request.

A list of the documents you will need to compile to file a death claim -

Documents required for child plan claim settlement process

• Claimant Statement Form
• Death Certificate (Self Attested Copy)
• Original Policy Document
• KYC document of the beneficiary (Self Attested Copy)
• Bank details of the beneficiary

Additional requirements for claims within 3 years

• Medical Attendant’s Certificate (if any)
• Self-attested copies of Hospital or Treatment Records (if any)
• Employer’s Certificate (if applicable)

Additional requirements for accidental or unnatural death claims

FIR

• FIR
• Driving Licence (in case of death while driving)
• Post Mortem Report
• News Paper Cutting (if any)

In case the Policyholder survives

In case you, the policyholder, survive the policy term, you can simply visit the insurance company’s branch office and claim your policy, by submitting the required documents.

Submission of documents:

Documents required to make a maturity claim in Child Plan:

• Duly filled claim form or policy payout form in prescribed format.
• Original Policy Document.

• Once the documents have been submitted to the insurer, an assessor will be appointed to verify the documents and the case to make sure the claim is valid.
• In case the claim is approved, the amount will be credited to the registered account within 30 days.
• In case of rejection, the insurer will inform the reason via calls, SMS, Email, etc.

For policy maturity claims, documents from clients are required in case of business insurance / NRI policy only. Intimation is sent to policy owner prior to maturity with the date of maturity and information to update bank account details if not updated in policy.

Please note:

The process of claim redemption, as well as the documents required to be submitted, will vary and always be at the discretion of the insurer. Hence, at the time of purchasing a Child Plan, make sure you ask the insurance company about the steps involved, and the list of documents you or your nominee will need to submit to get the claim amount.

Once you understand the process and get the list, you can bring together all the policy-related and other documents, and store them in a safe, secure place to avoid misplacement and confusion.

As an additional measure, you can create an account on the Digilocker app or open an e-insurance account, store the documents in digital format and share the account details with your nominee and family members. This will make the claim process easier and hassle-free for them, in your absence.

Child Plans provide financial security to your child at all crucial stages of their life. They help fund your child’s education, provide them with collateral for education loan, income protection, and reduce the financial burden caused due to unexpected medical expenses. Hence, it is important to make the claims process as smooth as possible for them - so when the time comes, they don’t face any financial stress or delays.