How to Make Death & Maturity Claims on Your Life Insurance in India?

If you have ever wondered about the process of making a death or maturity claim on a life insurance policy in India, this comprehensive guide will help you navigate through the critical steps and procedures involved. The process may seem daunting, but with the right information and understanding, it can be simplified.

Life insurance provides financial protection to your loved ones in the event of your demise and a lump-sum amount to you upon the policy's maturity. A death claim in life insurance is a request for payment by the beneficiaries when the policyholder passes away. On the other hand, a maturity claim is a request by the policyholder for payment upon the policy's term completion.

When a policyholder passes away, the nominee or beneficiary should initiate the death claim. Here's how you can proceed with an insurance death claim:

Step 1: Intimation to the Insurance Company

The beneficiary should notify the insurance company about the policyholder's death as soon as possible. This intimation should include details like the policyholder's name, policy number, date of death, cause of death, and place of death.

Step 2: Submission of Required Documents

After the intimation, the beneficiary will have to submit the necessary documents. This typically includes the duly filled death claim form, original policy document, death certificate, and legal proof of title if the policy is not assigned to the claimant.

How to fill a death claim form?

The death claim form is a crucial document that must be filled out accurately. To fill out the death claim form, you will need to provide information such as the policyholder's details, the claimant's details, and the circumstances of the death. Always ensure that the details provided match the documents submitted.

Step 3: Verification and Settlement

Upon receiving the documents, the insurance company will verify the claim. If the claim is found to be legitimate, the insurance company will process the claim and release the funds to the claimant. This process typically takes 30 days from the receipt of all documents.

A maturity claim in life insurance is when the policyholder receives a payout upon the policy's maturity. Here's how you can make a maturity claim:

Step 1: Receive the Maturity Claim Intimation

Insurance companies usually send a maturity claim intimation to the policyholder a few months before the policy matures. This letter includes the details of the policy maturity date and the amount to be received.

Step 2: Fill out the Maturity Claim Discharge Form

Along with the intimation, the insurance company sends a maturity claim discharge form. Fill out this form accurately and sign it. This form acts as a receipt for the payment of the maturity amount.

Step 3: Submit the Necessary Documents

You need to submit the filled maturity claim discharge form along with the original policy document to the insurance company.

Step 4: Receipt of the Maturity Amount

After verification, the insurance company will release the maturity amount. This payment is usually made by cheque or directly credited to the bank account.

Understanding who can claim life insurance after death and the process of claiming can ease the financial burden during tough times. Similarly, knowing how to make a maturity claim ensures you receive your policy benefits smoothly. Always remember to keep your nominee informed about the policy details to make the claim process easier.

Insurance companies in India are regulated by the Insurance Regulatory and Development Authority of India (IRDAI), which ensures that all claims are handled fairly and promptly. If you face any challenges during the claim process, you can approach the Grievance Redressal Cell at the Insurance Regulatory and Development Authority of India (IRDAI). The IRDAI has a well-defined mechanism for addressing policyholder grievances. If the insurer does not respond within a reasonable period or if you are dissatisfied with the response, you can approach the Grievance Redressal Cell in the Policyholder's Protection & Grievance Redressal Department of the IRDAI.

There are several ways to register a complaint with the IRDAI:

• Use the Bima Bharosa system on the IRDAI Portal at Bima Bharosa for registering complaints and monitor the status of the complaints.
• Send the complaint via Email to complaints@irdai.gov.in.
• Call the Toll-Free Number- 155255 or 1800 4254 732.
• If necessary, send the complaint in physical form to the IRDAI's address.

Remember, only complaints from the insured or the claimants are entertained, and they must provide complete details of the complaint as required in the complaint registration form available on the IRDAI website​​.

By following these guidelines, you can ensure a smooth claim process and safeguard your financial future. Life insurance is not just a policy; it's a promise, a promise to protect your loved ones and your dreams. So, keep this guide handy, and navigate through your life insurance journey with confidence and ease.